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(Reuters) – Britain’s Lloyds Banking Group (LLOY.L) is to merge its 13 billion pounds ($17.06 billion) wealth management arm into a new joint venture with asset manager Schroders Plc(SDR.L) , Sky news reported on Sunday.

FILE PHOTO: A man walks past the entrance to the head office of Lloyds Banking Group in the City of London December 11, 2013. REUTERS/Olivia Harris/File Photo

The deal will see Lloyds owning 50.1 percent‎ of the new joint venture with Schroders owning the rest, Sky said, citing sources.

Sky News said the new joint venture will be part of a three-pronged tie-up between the companies, with Schroders taking on a 109 billion pounds investment management contract from Lloyds-owned Scottish Widows.

The third leg of the Lloyds-Schroders deal involves wealth manager Cazenove Capital, Sky reported.

Lloyds Banking Group and Schroders did not immediately respond to requests for comment.

Reporting by Gaurika Juneja, Editing by William Maclean

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