Schroders And Lloyds JV Targets £25bn In AUM
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.
More news
Back to Top
Market Optimism As S&P500 Briefly Peaks Amid Falling Inflation
The S&P500 index saw a brief all-time high as new data revealed a drop in America's annual inflation rate to 3.4% in... Read more
Sony's Strategic Share Buyback: Impact On Stock Performance
In a bold move signaling confidence in its financial stability and future growth prospects, Sony recently announced a si... Read more
The Hidden Costs Of Investing In BDCs
Business Development Companies (BDCs) are often lauded for their attractive yields, appealing to investors seeking subst... Read more
The Case For Hedging Foreign Exchange Exposure Amidst Economic Divergence
In today's global economy, characterized by increasing economic divergence among major nations, investors face a dauntin... Read more
ETF Market Update: Assessing The Impact Of Receding US Rate Cut Expectations
The ETF market has been subject to significant shifts in recent months, with one of the key drivers being the evolving e... Read more
Market Response: Understanding The Drop In Arm Shares
In the fast-paced world of technology, market reactions can serve as barometers of industry health and company performan... Read more