Schroders has completed the migration of £75bn ($93.8bn) worth of mandates from Scottish Widows and parent Lloyds Banking Group.
The transfer was carried out in seven tranches from September 2019 to March 2020.
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The move includes the transfer of around 320 portfolios.
These portfolios are active equity, equity alpha, equity low risk active, fixed income, multi manager, multi asset, portfolio solutions, private equity as well as property funds.
Scottish Widows CEO Antonio Lorenzo stated that the migration is the largest asset transfer in the UK.
Commenting on the move, Schroders group CEO Peter Harrison said: “We are incredibly proud of the work done to achieve this milestone, which is the culmination of a year-long project by a dedicated team of Schroders colleagues, alongside Lloyds Banking Group and other key stakeholders.
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By GlobalData“It is all the more significant that this has been completed on time and on target, despite the challenging conditions of recent weeks due to the Covid-19 situation.
This partnership demonstrates our ability to manage large and complex portfolios, providing consistent returns for investors, which are as important as ever in today’s uncertain times.”
Schroders and Lloyds unveiled their joint new financial planning business called Schroders Personal Wealth last year.
The joint venture is currently led by Peter Hetherington.
