Lloyds Banking Group and investment giant Schroders have confirmed they are in talks over the creation of a new wealth management venture. Lloyds Banking Group and investment giant Schroders have confirmed they are in talks over the creation of a new wealth management venture. The deal could see Lloyds merge its £13 billion wealth management arm into the new entity, which would be 50.1% owned by the lender. A Lloyds spokesman said: “Lloyds Banking Group and Schroders are in ongoing talks with a view to the two groups working together in the wealth sector, and any further announcement will be made at the appropriate time.”As part of the tie-up, it has been reported that Schroders would also take on the £109 billion investment management contract from Scottish Widows, which is owned by Lloyds. Schroders said in a stock market update: “Following recent media speculation, Schroders plc confirms that it is in discussions with Lloyds Banking Group plc with a view to working closely together in parts of the wealth sector.

Source: Irish Independent October 08, 2018 06:33 UTC