Schroders Personal Wealth

Introducing Schroders Personal Wealth

Last October Lloyds Banking Group plc announced it would be entering into a new joint venture with Schroders plc – it’s part of our commitment to developing new capabilities to help customers with their investments and financial planning. The new joint venture will be called Schroders Personal Wealth and we expect it to be set up in June 2019, subject to regulatory approval. Lloyds Banking Group will be the majority shareholder.

Financial planning, investments and advice

Our aim is to create a best-in-class investment and financial planning service for eligible customers. Through Schroders Personal Wealth we’ll continue to provide customers with access to our highly experienced advisers, as well as Schroders’ investment, wealth management expertise and technology.

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.

Banking and lending

Customers’ day-to-day Private Banking including current accounts, lending, mortgages and cards will continue to be provided by us.

If you have any questions please contact your Private Banking and Advice Manager. You’ll also find answers to some common questions below.

Lloyds Banking Group plc has announced its entering 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 will be Schroders Personal Wealth.

We will be transferring part of our existing Wealth Management business to the new company. Through it, we’ll continue to provide customers with access to our 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. Initially the joint venture will be a wholly owned subsidiary of Lloyds Banking Group plc and it will become operational once regulatory approval has been obtained. This is expected to be in June 2019.  Later in 2019 and also 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 will be Schroders Personal Wealth.

The legal entity name for Schroders Personal Wealth will be 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 plan to create the new joint venture and be operational from June 2019 onwards, subject to regulatory approvals.

We plan to transfer part of our existing Wealth Management business to Schroders Personal Wealth and to the holding company of Schroders’ UK wealth management business, Cazenove Capital. Your day-to-day Private Banking including current accounts and savings, lending, mortgages and cards will continue to be provided by us.

If you’re affected we will keep you up to date with any changes to your investments and services.

Yes. Eligible investments held with Scottish Widows Schroder Personal Wealth Limited and Lloyds Bank plc will be covered by the FSCS. Most types of investments are covered by the scheme.

From 1st April 2019, 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.

These changes are subject to regulatory approval. We will update our web pages as things develop, so please check this page or ask your Private Banking and Advice Manager for the latest information.

If your investments and services are affected by these changes we will let you know.

We will do everything we can so the relationship between you and your adviser remains the same, but there may be some instances where this isn’t possible.

If you are affected, we will let you know.

No, your day-to-day banking and other banking services will continue as usual and your account numbers and sort codes will stay the same. If you have a loan secured on your portfolio and it is affected, we will get in touch.