Lloyds to Gain Full Control of Schroders Personal Wealth in Wealth Management Push
Lloyds Banking Group is set to bolster its wealth management arm. The lender is planning to acquire Schroders' 49.9% stake in Schroders Personal Wealth (SPW), aiming for full control. This move aligns with Charlie Nunn's five-year strategy to focus on profitable segments like wealth management.
SPW, launched in 2019, caters to around 60,000 customers with nearly £17bn in assets. It enables Lloyds to leverage Schroders' technology and investment platforms, and exposes the wealth manager to Lloyds' extensive client base. The acquisition will empower Lloyds to expand its wealth services and fortify relationships with its over three million mass affluent customers.
Lloyds' strategic vision is to construct an end-to-end wealth offering, from digital investments and pensions to comprehensive financial planning and advice through SPW. This move is a substantial stride towards realizing that objective.
The acquisition of Schroders' stake in SPW will permit Lloyds to further grow its wealth management services. This follows an earlier upheaval when Jo Harris, the chief executive of Lloyds' mass affluent division, left. The takeover is anticipated to reinforce Lloyds' position in the wealth management sector and broaden options for its customers.
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