Schroders has sold its 49.4% stake in Schroders Personal Wealth to the Lloyds Banking Group in return for Lloyds' 19.1% stake in Cazenove Capital.

Wealth manager Schroders Personal Wealth (SPW) is now a wholly owned subsidiary of the Lloyds Banking Group.

The SPW joint venture was created in 2019 to provide financial advice to Lloyds’ retail customer base. It delivered operating profit of around £45m in the first half of 2025.

As part of the deal, a multi-year investment management agreement has been put in place for Schroders to continue to manage Schroders Personal Wealth and Scottish Widows assets.

Lloyds will also continue to refer its high-net-worth customers to Cazenove Capital under the deal.

Schroders said the deal would enable both it and Lloyds to expand their wealth propositions in complementary segment of the market.

Oliver Gregson, CEO of wealth management at Schroders, said: “Today’s announcement represents a meaningful step in reshaping our business and focusing on delivering our strategic ambition, building the wealth management business of the future – one that is modern, global, collaborative and truly client-led. 

“This evolved partnership with Lloyds enables us to focus on where we can deliver the greatest value - driving growth, improving client outcomes, and elevating the experience for our clients. Guided by our unifying values of excellence, innovation, teamwork, passion, and integrity, we are focused on more than wealth management – we are committed to forging lasting partnerships that empower clients and give them the freedom to focus on what matters most to them.” 

Lloyds Banking Group added that the deal would help it create a 'differentiated, more integrated, banking and investment proposition combining expert face to face advice with powerful digital tools'. It said full ownership of SPW would enable it to more effectively manage the existing business and facilitate a seamless customer journey.

Schroders Personal Wealth provides financial advice to around 60,000 clients with assets under management of £16.1bn.

Schroders’ wealth management businesses also include Financial Planning firm Benchmark.

In 2024 Schroders’ wealth management business saw net inflows of £6.3bn, along with an additional £2.4bn added to assets under management via acquisitions. The wealth management arm ended 2024 with £126.8bn in assets under management.

The majority of Schroders’ wealth management client base was in the affluent sector, with 40% of the firm’s wealth AUM being held by clients with under £1m in assets.