The JV is to start from the second half of this year, the firms said, following their initial announcement last year.
UK-listed Schroders, which last October agreed to build a wealth management joint venture with Lloyds Banking Group, yesterday confirmed that the new entity will start up in the second half of this year, once regulators have given it the green light.
The JV is called Schroders Personal Wealth. Its services will be open to existing clients of Lloyds Private Bank and Bank of Scotland Private Banking eligible clients from June onwards. It will be open to the wider UK market from the fourth quarter of this year.
The new company will offer financial planning services to affluent UK customers, and will combine personal relationships with an easy-to-use service, enabled by Benchmark Capital’s technology, a Schroders-owned company, Schroders said.
The business will be structured as an independent organisation; its chief executive will be James Rainbow.
Schroders’ JV with Lloyds is not its only recent wealth management tie-up. As it announced this year, it is buying Singapore’s Thirdrock Group, one of the breed of external asset manager firms that have sprouted across Asia-Pacific in recent years.