Lloyds Banking Group announced on Thursday it has fully acquired the wealth management joint venture Schroders Personal Wealth from Schroders Group.
The deal involved no cash, with Lloyds exchanging its 19.1% stake in Cazenove Capital for the remaining 49.9% of the wealth business it did not already own, the company said.
The acquired business, which will be rebranded as Lloyds Wealth, has approximately 17 billion British Pounds in assets under administration for about 60,000 clients.
According to the company, the acquisition accelerates its wealth strategy by creating a more integrated banking and investment proposition.
Schroders will continue to manage the customer assets as part of a multi-year agreement.
Lloyds said the acquisition is not expected to have a material financial impact on the group, but it now expects 2025 operating costs to modestly exceed its previous guidance of around 9.7 billion British Pounds due to the costs of the acquired business.
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