Lloyds, Schroders JV is looking for wealthy clients

A joint venture between Lloyds and Schroders abandons the Lloyds name with the aim of attracting wealthy clients with the goal of becoming one of the three largest financial planning companies in the UK.

The new company will be named Schroders personal fortune, revealed Lloyds this morning in its annual results. The details of the new venture in which the two companies will have nearly equal participation appeared last year.

The decision to abandon the name Lloyds is a sign that the company will aim to attract affluent customers by using a brand more badociated with investment and private wealth. Users will need at least £ 100,000 worth of badets that can be invested to use Schroders personal wealth services.

People close to the branding decision had previously suggested that the name Schroders be dominant, as it was more likely to appeal to both high net worth clients and wealth management advisors.

This marks the first time that Schroders has moved into the UK financial planning market, which is very successful. Its Cazenove brand provides advice to wealthy clients.

When the partnership was first announced, the two companies announced that they would also consider other strategic opportunities, including a larger public service offering Lloyds customers with Schroders badet management services.

James Rainbow, Designated General Manager of Schroders Personal Asset, said: "The UK wealth management market is growing and the freedom of retirement means that the responsibility lies with the individual. This means that more people than ever need help planning their future. We can play a role in helping to meet the need for financial planning with a clear and transparent service.

"The support of the country's largest banking group and first investment company gives us access to resources and expertise that will help us better serve our clients and make their money work harder for them." . "

Schroders' personal fortune will enter the market in the second half of 2019, subject to regulatory approval, and cannibalize the existing brands of Lloyds Bank Private Banking and Bank of Scotland Private Banking.