New Products
Schroders-Lloyds Wealth JV Launches Later In 2019
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.
