Schroders Plc and Lloyds Banking Group in talks over wealth management alliance


(Reuters) – Asset manager Schroders Plc (SDR.L) and Lloyds Banking Group (LLOY.L) said on Sunday they were in discussions over a wealth management alliance.

FILE PHOTO: A man walks past the entrance to the head office of Lloyds Banking Group in the City of London December 11, 2013. REUTERS/Olivia Harris/File Photo

The deal would be among the biggest wealth management tie- ups in recent years and would come amid widespread consolidation in the broader industry sector.

Schroders spokeswoman Beth Saint confirmed the move after Sky News reported that Lloyds was to merge its 13 billion pound ($17 billion) wealth management arm into a new joint venture with Schroders.

“Schroders confirms that it is in discussions with Lloyds Banking Group plc with a view to working closely together in parts of the wealth sector,” Saint said in an email to Reuters, adding there was “no certainty that these discussions will lead to any formal arrangement being entered into.”

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