Lloyds Banking Group will fully own the JV, acquiring a stake from Schroders. On the other side, Schroders has bought a 19.1 per cent stake in Lloyds' Cazenove Capital.

Confirming recent media speculation that a move was imminent, Lloyds Banking Group and Schroders said Lloyds has taken full ownership of the Schroders Personal Wealth joint venture. The JV was formed in 2019.

SPW will in due course be rebranded as Lloyds Wealth.

As part of the transaction, Schroders will continue to manage SPW and Scottish Widows assets as part of a multi-year investment agreement. 

Schroders has also bought the 19.1 per cent stake in Cazenove Capital that is held by Lloyds, in exchange for its 49.9 per cent stake in the JV, which has been transferred to Lloyds. Lloyds will continue to refer its high net worth customers to Cazenove Capital.

The acquired SPW business supports about £17 billion ($22.6 billion) in assets under administration, on behalf of about 60,000 clients (both Lloyds and non-Lloyds customers). It logged an operating profit of circa £45 million in the first half of 2025. 

“The acquisition accelerates delivery of the [Lloyds] group's wealth strategy to deepen relationships in a high value segment whilst creating a differentiated, more integrated, banking and investment proposition combining expert face-to-face advice with powerful digital tools,” Lloyds said in a statement. “It also supports the group's ambition to deliver an end-to-end wealth offering, including execution-only share dealing, self-select digital investment and pension propositions, and full financial planning with advice. Full ownership will allow the group to more effectively manage the existing business, whilst facilitating a seamless customer journey for existing and new customers.”

“We will continue to transform and grow the wealth business with this full advice proposition, available to more than three million mass-affluent banking customers across Lloyds, Halifax and Bank of Scotland as well as Scottish Widows and new-to-bank customers,” it said. 

Lloyds has arguably retreated to some extent from forms of wealth management. It sold its international private banking business in 2013 to Geneva-based Union Bancaire Privée. As for Schroders, it added to its private banking and investment capabilities when it purchased Cazenove Capital in 2013.

No material impact
Lloyds said the acquisition is “not expected to have a material financial impact on the group, or to impact full year guidance, with the exception that, given the associated costs of the acquired business, we now expect group operating costs to modestly exceed the guidance of about £9.7 billion in 2025”. 

“The capital impact is immaterial to the group. From an accounting perspective, the group currently recognises its share of the JV profit after tax within other operating income. From the date of the acquisition, 9 October, SPW will be a fully owned subsidiary of the group and its results will therefore be fully consolidated,” Lloyds said. 

The right time
“Schroders and Lloyds believe this is the right time for SPW to transition fully to Lloyds, enabling both companies to focus on their core strengths. They have been working closely together to improve the SPW client journey and ensure SPW’s clients receive the best possible service,” Schroders said.

Oliver Gregson, CEO of Wealth Management, Schroders, said: “Today’s announcement represents a meaningful step in reshaping our business and focusing on delivering our strategic ambition, building the wealth management business of the future – one that is modern, global, collaborative and truly client-led.” Gregson, who was appointed to the post earlier this year, started in June.