Lloyds Takes Control of Schroders Personal Wealth Joint Venture

Lloyds Banking Group Plc has bought out Schroders Plc’s minority stake in the companies’ wealth management and advice joint venture, part of the lender’s push to deepen ties with affluent customers.

The British lender has swapped its minority stake in Cazenove Capital for the 49.9% of the Schroders Personal Wealth venture that’s owned by the asset manager, according to a statement Thursday. Schroders Personal Wealth will be rebranded as Lloyds Wealth, according to the statement.