Schroders, the UK-listed asset manager, has been handed an £80bn slice of a coveted investment mandate from Lloyds Banking Group — part of a multibillion-pound wealth tie-up that has been agreed between the two organisations.
The new wealth partnership, which Schroders and Lloyds earlier this month confirmed was under discussion, will involve the two firms setting up a joint-venture company focusing on financial planning for affluent customers, 50.1% owned by Lloyds and 49.9% owned by Schroders.
