Lloyds Banking Group plc has entered into a joint venture with Schroders plc. The aim is to offer a market-leading wealth management service for eligible customers. The trading name for the new company is Schroders Personal Wealth.
We have transferred part of our existing Wealth Management business to the new company. Through it, we’ll continue to provide customers with access to highly experienced adviser teams, as well as Schroders plc’s investment, wealth management expertise and technology. Schroders plc will also manage part of our investment business, giving customers access to their asset management capabilities.
As part of these changes, Lloyds Banking Group will also become an investor in the holding company of Schroders’ UK wealth management business Cazenove Capital, providing customers with access to further specialist expertise to meet more complex needs.
Your day-to-day Private Banking including current accounts, lending, mortgages and cards will continue to be provided by us.
Schroders Personal Wealth is a joint venture between Lloyds Banking Group plc and Schroders plc. The joint venture is currently a wholly owned subsidiary of Lloyds Banking Group plc and later in 2019, subject to regulatory approval, Schroders plc will take up their shareholding, with Lloyds Banking Group plc remaining as the majority shareholder.
The trading name for the new company is Schroders Personal Wealth.
The legal entity name for Schroders Personal Wealth is Scottish Widows Schroder Personal Wealth Limited. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 11722983.
Scottish Widows is part of Lloyds Banking Group.
Lloyds Banking Group plc and Schroders plc established Schroders Personal Wealth on 1 June 2019.
Yes, most types of investments are covered by the scheme, and there is no reduction in FSCS cover as a result of Schroders Personal Wealth acting as your investment manager. Payments under the scheme are limited to 100% of the first £85,000 of your investments with Scottish Widows Schroder Personal Wealth Limited and Lloyds Bank plc.
Your day-to-day banking and related services will continue as they do today and are not affected by the changes and your account numbers and sort codes will remain the same.