The joint venture into the advice market by fund manager Schroders and Lloyds Banking Group will begin accepting clients later this year, the companies have revealed.
The business will be called Schroders Personal Wealth.
Lloyds will own 50.1 per cent of the new business, with Schroders owning the remainder.
Lloyds will transfer £13bn of assets from its existing wealth management business to the new venture.
The chief executive of the new firm is James Rainbow, who was previously co-head of intermediary at Schroders.
Schroders Personal Wealth will be available to current Lloyds Bank private banking and Bank of Scotland private banking clients from June 2019 onwards, and open to the wider UK market from the fourth quarter of 2019.
The new company will target affluent UK customers, and will use Benchmark Capital’s technology. Benchmark is owned by Schroders.
Mr Rainbow said: "The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual.
"This means more people than ever need help as they plan for their futures. We can play a role in helping address the need for financial planning with a clear and transparent service.
"The backing of the country’s largest banking group and the number one investment brand gives us access to resources and expertise that will help us serve our customers better and make their money work harder for them."
david.thorpe@ft.com
