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SChroders also plans to sell Lloyds a 19.9% stake in Cazenove Capital, its rich wealth manager.
The combined agreement would amount to approximately £ 500 million, the Lloyds heritage unit and the Cazenove share each worth approximately £ 250 million.
A spokesman for Schroders said the companies were in discussion "with a view to working closely together in some parts of the wealth sector".
They added: "Discussions are ongoing and there can be no certainty that [they] will lead to the conclusion of any formal agreement. "
The expansion of Lloyds' wealth management skills was a key objective for António Horta Osório, who took charge of the banking group in 2011.
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