Lloyds buys remaining stake in SPW from Schroders

(Sharecast News) - Lloyds Banking Group said on Thursday that it has bought the remaining stake in its wealth management and advice business joint venture with Schroders, Schroders Personal Wealth (SPW). Lloyds bought the remaining 49.9% share in exchange for its 19.1% stake in Cazenove Capital and the deal involved no cash consideration.

The bank noted that SPW - which will be rebranded as Lloyds Wealth - offers "a personalised advice led proposition, backed by strong investment expertise".

The acquired business supports around £17bn in assets under administration, on behalf of approximately 60,000 clients, both Lloyds and non-Lloyds customers. In the first half of 2025, it delivered operating profit of about £45m.

"The acquisition accelerates delivery of the group's wealth strategy to deepen relationships in a high value segment whilst creating a differentiated, more integrated, banking and investment proposition combining expert face to face advice with powerful digital tools," Lloyds said.

"It also supports the group's ambition to deliver an end to end wealth offering, including; execution only share dealing, self-select digital investment and pension propositions, and full financial planning with advice."

It said full ownership will allow the bank to more effectively manage the existing business, while facilitating "a seamless customer journey for existing and new customers".

Following the deal, Schroders will continue to manage SPW's customer assets and the existing Scottish Widows mandate as part of a multi-year agreement. In addition, Lloyds will continue to partner with Cazenove Capital to offer services to its high net worth customers.

Lloyds formed the joint venture with Schroders in 2019.