Lloyds to Fully Acquire Schroders Personal Wealth, Boosting Wealth Management Push
Lloyds Banking Group, under CEO Charlie Nunn's leadership, is undergoing a substantial transformation. This five-year overhaul aims to simplify operations and concentrate on lucrative sectors such as wealth management. Meanwhile, Lloyds is set to bolster its wealth management services by acquiring full control of Schroders Personal Wealth (SPW).
Lloyds is poised to buy out Schroders' 49.9% stake in SPW, enabling it to fully integrate the wealth management arm and broaden its services. This transaction seeks to strengthen relationships with over three million mass affluent customers, offering them a comprehensive wealth management package that includes digital investments, pensions, and comprehensive financial planning advice.
Launched in 2019, SPW has already served around 60,000 customers, managing nearly £17bn in assets. It leverages Schroders' technology and investment platforms, opening up the wealth manager to Lloyds' extensive client base.
Following Jo Harris' departure, Rachel Montagnon has taken the helm as the new head of Lloyds' Mass-Affluent Division. Meanwhile, HSBC's Georges Elhedery is also ramping up wealth management ambitions, aiming to double the group's assets under management to £100bn within five years.
Lloyds' acquisition of full control over SPW signals a significant push into wealth management, aiming to provide an end-to-end wealth management solution to its customers. This move, coupled with the appointment of Rachel Montagnon and HSBC's ambitious wealth management goals, underscores the growing significance of wealth management in the banking sector.
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