Schroders And Lloyds JV Targets £25bn In AUM
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.
More news
Back to Top
The Penny Drops: Understanding The Complex World Of Small Stock Machinations
Micro-cap stocks, often overlooked by mainstream investors, have recently garnered significant attention due to rising c... Read more
Current Economic Indicators And Consumer Behavior
Consumer spending is a crucial driver of economic growth, accounting for a significant portion of the US GDP. Recently, ... Read more
Skepticism Surrounds Trump's Dollar Devaluation Proposal
Investors and analysts remain skeptical of former President Trump's dollar devaluation plan, citing tax cuts and tariffs... Read more
Financial Markets In Flux After Biden's Exit From Presidential Race
Re-evaluation of ‘Trump trades’ leads to market volatility and strategic shifts.The unexpected withdrawal of Joe Bid... Read more
British Pound Poised For Continued Gains As Wall Street Banks Increase Bets
The British pound is poised for continued gains, with Wall Street banks increasing their bets on sterling's strength. Th... Read more
China's PBoC Cuts Short-Term Rates To Stimulate Economy
In a move to support economic growth, the People's Bank of China (PBoC) has cut its main short-term policy rate for the ... Read more