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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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