Schroders' James Rainbow

Schroders' James Rainbow

Schroders and Lloyds have set a target of of boosting assets in their wealth management joint venture from about £13bn to £25bn, equivalent to annual growth of about 14%.

The growth in assets will be driven both organically, by attracting existing Lloyds bank customers who use other wealth and investment services, and through acquisitions of both businesses and individual advisers who can bring clients with them.

About 300 Lloyds advisers will join the JV when it launches this year with the number set to more than triple over the next five years, the FT reports.

Lloyds - the UK's largest retail bank - plans to hire more than 700 financial advisers, as it eyes acquisitions and gaining market share from rivals such as St James's Place and Rathbones.

Lloyds and Schroders announced a tie-up of their wealth, investment and financial planning businesses in October, with a stated goal of becoming a "top three UK financial planning business" within five years.

James Rainbow, co-head of UK intermediary at Schroders, has been appointed chief executive of the joint venture.

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