Schroders, Lloyds mull wealth venture

Global investment manager Schroders is in talks with Lloyds Banking Group Plc to take on the wealth management sector in the UK.

A Schroders spokesperson confirmed that Schroders "is in discussions with Lloyds Banking Group plc with a view to working closely together in parts of the wealth sector."

"Discussions are ongoing and there can be no certainty that these discussions will lead to any formal arrangement being entered into," the spokesperson said.

According to reports from Sky News in the UK, Lloyds Banking Group plans to contribute £13 billion ($24bn) into the wealth management joint venture.

It will involve a three-pronged tie-up between the companies, with Schroders taking on a £109bn ($201.5bn) investment management contract from Lloyds-owned Scottish Widows, Sky News said.

Schroders declined to provide additional information but said further announcements will be made when appropriate.

Separately, Schroders Australia's chief executive recently stepped down after more than a decade at the helm.

Greg Cooper will exit the firm at the end of 2018 and Chris Durack, currently chief executive of Schroders Hong Kong, will return to Australia to assume the top position.

Cooper's career began as an actuarial analyst in 1992. Prior to joining Schroders, he was head of the actuarial and asset consulting practice for Towers Perrin in Asia, based in Hong Kong.

He joined Schroders in London in 2000 as a Japanese equities product manager and was the head of distribution for Australia between 2001 and 2004.

Read more: SchrodersLloyds Banking Group PlcSky NewsChris DurackGreg CooperSchroders Australia
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