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Britain’s Schroders gains on potential Lloyds wealth deal

By Simon Jessop and Emma Rumney

LONDON (Reuters) – Schroders (L:SDR) could soon help manage the money of people with significantly less in their bank accounts than the super-rich it has targeted so far, if talks with Lloyds (L:LLOY) about a wealth management tie-up succeed.

Schroders, Britain’s second largest listed fund management group by assets under management and Lloyds Banking Group, Britain’s biggest retail lender, confirmed on Sunday they are in talks, but gave no further details.

However, sources familiar with the discussions confirmed details of a Sky News report which said Lloyds would roll 13.8 billion pounds ($18 billion) of client money into a joint venture with Schroders, which would contribute its technology, operational platform and investment skills.

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