Lloyds to bring Schroders joint venture under its own brand

Lloyds is set to rename its wealth joint venture with Schroders after acquiring the part of the business it didn’t own.

The banking group will rename Schroders Personal Wealth (SPW) to Lloyds Wealth “in the coming months”, although it didn’t specify exactly when.

The news came as the two firms agreed a deal by which Schroders traded its 49.9% stake in SPW for Lloyds’ 19.1% stake in Cazenove Capital. Schroders will continue to manage SPW and Scottish Widows assets, while Lloyds will offer Cazenove’s services to its high net worth customers.

Lloyds said the move “reflect[s] our distinctive, fully integrated wealth proposition and the significant opportunity we have to support our customers with their biggest and most important decisions.”

The news came as Schroders Personal Wealth announced a new Global CMO as part of a raft of leadership appointments.