Lloyds Banking Group has acquired the remaining 49.9% of share capital of Schroders Personal Wealth (SPW) from Schroders Group, in exchange for its 19.1% stake in Cazenove Capital.

SPW, which will be rebranded as Lloyds Wealth in due course, offers a personalised advice-led proposition.

The acquired business supports £17bn in assets under administration on behalf of around 60,000 clients, which comprise Lloyds and non-Lloyds customers. In the first half of 2025, SPW generated an operating profit of around £45m.

Lloyds said the acquisition would accelerate the delivery of its wealth strategy, while creating a “differentiated, more integrated, banking and investment proposition”.

After the cash-free acquisition, Schroders will continue to manage SPW’s customer assets, and Lloyds will continue to partner with Cazenove Capital.

Lloyds stated that the acquisition is not expected to have a material financial impact on the group or its full-year guidance. As a result, the banking group now expects its group operating costs to "modestly exceed" the guidance of £9.7bn in 2025, given the associated costs of the acquired business.

Chief executive officer of wealth management at Schroders, Oliver Gregson, said: "Today’s announcement represents a meaningful step in reshaping our business and focusing on delivering our strategic ambition, building the wealth management business of the future – one that is modern, global, collaborative and truly client-led.

"This evolved partnership with Lloyds enables us to focus on where we can deliver the greatest value - driving growth, improving client outcomes, and elevating the experience for our clients."

---