Lloyds and Schroders to launch advice business

"I am also delighted that we have been entrusted to manage £80 billion of assets for Lloyds' and Scottish Widows' clients."

The £80m of Scottish Widows assets which Schroders now manages were managed by Aberdeen Asset Management before it merged with Standard Life.

In February Lloyds Banking Group decided the merger meant its assets were now being managed by a competitor, and removed them from Aberdeen Standard Investments.

Aberdeen Standard continues to dispute the right of Lloyds to remove the assets but the bank has said it is confident in its legal position.