Clients wanting access to the new Schroders Personal Wealth joint venture between Lloyds and Schroders will need to have a minimum of £100,000 investable assets, the firms have confirmed.
The new venture, which will go live this year, expects an immediate transfer of £13bn of assets currently sat in Lloyds' existing wealth management business, and has a longer-term target of £25bn assets under management.
The venture is 50.1 per cent owned by Lloyds and 49.9 per cent owned by Schroders.
Run by chief executive James Rainbow, a former 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 to the wider UK market from the fourth quarter of 2019.
It emerged earlier this month that Lloyds is looking to hire 700 financial advisers to support the business.
Rob James, banks analyst and fund manager at Merian Global Investors, which is a substantial shareholder in Lloyds Banking Group, said he was a fan of the new venture.
He said the start up costs would be relatively modest, and it represented a chance for the bank to diversify away from its core business of lending within the UK economy.