Lloyds takes control of Schroders Personal Wealth venture

The news: Lloyds Banking Group said it will buy out Schroders’ 49.9% stake in the wealth joint venture formed by the two firms in 2019.

The numbers: A statement released by the British lender on Thursday explains that Lloyds has swapped its minority stake in Cazenove Capital for the 49.9% of the Schroders Personal Wealth venture that’s owned by the asset manager. Schroders Personal Wealth, which has around 60,000 clients and £17 billion ($34.5 billion) in assets under administration, had a 1H25 operating profit of about £45 million.

The context: The deal will extend Lloyds' control over the business and will help integrate the venture into Lloyds’ wider group. Schroders Personal Wealth will be rebranded as Lloyds Wealth.

Lloyds said that the acquisition is not expected to have a material financial impact on the Group or impact full year guidance beyond modestly exceeding guidance of about £9.7 billion in 2025.