Schroders Personal Wealth Will Launch In H2 2019
Schroders plc and Lloyds Banking Group plc today confirm that a new financial planning business named Schroders Personal Wealth will enter the market during the second half of this year, subject to regulatory approval.
Schroders and Lloyds Banking Group confirm that a new financial planning business named Schroders Personal Wealth will enter the market during the second half of this year, subject to regulatory approval: https://t.co/35sL8BaNC3
— Schroders (@Schroders) February 20, 2019
Schroders Personal Wealth will be available to current Lloyds Bank Private Banking and Bank of Scotland Private Banking eligible customers from June 2019 onwards, and open to the wider UK market from the fourth quarter of 2019.
The new company will offer financial planning services to affluent UK customers. It will combine personal relationships with an easy to use service, enabled by Benchmark Capital’s technology, a Schroders owned company.
Schroders Personal Wealth will be an independent company backed by Lloyds Banking Group plc and Schroders plc. This partnership combines over 400 years of expertise from two leading British companies – one from investment management and one from banking – partnering to bring financial planning services to more people in the UK.
James Rainbow, Chief Executive Designate, Schroders Personal Wealth, said:
“I am extremely excited to announce that Schroders Personal Wealth will launch later this year.
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.”
Initial focus has been fixed income in the front office.
The banks made 135.8m errors in transaction reporting over nine and a half years.
Brexit will make UK companies less attractive acquisition targets.
There is no certainty that any transaction will materialise.
The bank is SIX's first new member in 2019.