Lloyds Banking Group Buys Out Schroders From U.K. Wealth Joint Venture
By Elena Vardon
Lloyds Banking Group has taken full ownership of its wealth management and advice joint venture with Schroders in a stock-swap deal.
The U.K. lender on Thursday said it bought the 49.9% it didn't already own in Schroders Personal Wealth, or SPW, from Schroders in exchange for its 19.1% stake in Cazenove Capital, Schroders' private wealth management division.
"The acquisition accelerates delivery of the 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.
SPW manages around 17 billion pounds ($22.79 billion) in assets on behalf of around 60,000 customers and will be rebranded as Lloyds Wealth, it said. The joint venture, which was launched in 2019 with 13 billion pounds, brought in around 45 million pounds in operating profit for the first half of 2025.
The deal didn't involve cash and isn't expected to have a material financial impact on Lloyds. The bank is maintaining its full-year guidance but now expects operating costs to modestly exceed its 9.7 billion-pound estimate for 2025.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 09, 2025 05:44 ET (09:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Dividend Stocks
12 Best Blue-Chip Stocks to Buy for the Long Term
United States