Schroders and Lloyds have confirmed the launch a wealth management strategic partnership in 2019 - with Schroders running £80bn of the Scottish Widows mandate cancelled with current manager Standard Life Aberdeen - as James Rainbow, co-head of UK intermediary at Schroders, is appointed chief executive of the joint venture.
In an announcement to the stock exchange, the groups said they are entering into a strategic partnership to create a "market-leading wealth management proposition" that will combine Schroders' investment and wealth management capabilities with Lloyds' client base, distribution and digital capabilities. Lloyds will own 50.1% of the share capital and Schroders the remaining 49.9%. Rainbow, who has worked at Schroders since 2007, will be appointed chief executive, while Antonio Lorenzo, chief executive of Scottish Widows and group director of insurance & wealth, will be chairman, subjec...
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