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(Reuters) – Asset Manager Schroders Plc (SDR.L) said Sunday having discussions with the UK group Lloyds Banking Group (LLOY.L) work closely in the wealth sector.
PHOTO FILE: A man walks by the entrance of Lloyds Banking Group Headquarters in London December 11, 2013. REUTERS / Olivia Harris / File Photo
A spokesman for Schroders revealed the move after Sky News announced that Lloyds would merge its $ 13 billion ($ 17.06 billion) wealth management business into a new joint venture with Schroders.
"Schroders confirms to be in discussion with Lloyds Banking Group plc in order to cooperate closely in certain sectors of the wealth sector," the spokesman said in an email to Reuters.
"Discussions are ongoing and there is no certainty that these discussions will lead to the conclusion of any formal agreement. A new announcement will be made if necessary. "
According to Sky News, Lloyds would own 50.1% of the new joint venture with Schroders, according to Sky, citing sources
Sky News announced that the new joint venture would be part of a three-pronged agreement between the two companies, Schroders taking a £ 109 billion investment management deal with Scottish Widows, owned by Lloyds.
The third stage of the Lloyds-Schroders deal involves wealth manager Cazenove Capital, Sky reported.
Lloyds Banking Group did not immediately respond to requests for comment.
Report by Gaurika Juneja, edited by William Maclean
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