Schroders have announced the renewal of its long-term commercial partnership with Lloyds Banking Group, enabling both Schroders and Lloyds to expand their wealth propositions in complementary segments of the market.
Schroders Personal Wealth (SPW), the wealth management and advice business, has become a wholly owned subsidiary of Lloyds Banking Group.
In return, Schroders has acquired the 19.1% stake in Cazenove Capital, thereby re-establishing full ownership.
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 will continue to manage and grow SPW’s customer assets and manage the Scottish Widows mandates as part of a new multi-year agreement.
In addition, Lloyds will continue to partner with Cazenove Capital to offer its services to Lloyds’ high-net-worth customers.
Schroders’ Wealth Management business last week unveiled a new global leadership team to drive growth. The strategy also entails a reshaping of its wealth platform to simplify operations and support global expansion, as well as a renewed focus on securing Wealth Management partnerships.
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.
This evolved partnership with Lloyds enables us to focus on where we can deliver the greatest value – driving growth, improving client outcomes, and elevating the experience for our clients. Guided by our unifying values of excellence, innovation, teamwork, passion, and integrity, we are focused on more than wealth management – we are committed to forging lasting partnerships that empower clients and give them the freedom to focus on what matters most to them.”
Johanna Kyrklund, Group Chief Investment Officer, Schroders, said:
“As SPW’s client base continues to grow, so does our responsibility to deliver consistent, long-term investment performance. Our extended investment agreement to manage the SPW and Scottish Widows assets, alongside our ongoing referral arrangement with Lloyds, reinforces our position as a trusted partner – helping more people across the UK grow and preserve their wealth.”
SPW was created in 2019 to provide financial advice to Lloyds’ significant retail customer base, deploying Schroders’ investment expertise and technology capabilities. Today, it provides accessible and affordable financial advice to approximately 60,000 clients and has assets under management of £16.1bn.*
*as at 30th June 2025
