According to the News agency, Reuters; On Sunday, Schroders Plc (Asset manager of Schroders) was in meeting with Lloyds Banking Group and were discussing wealth management alliance.
Through this deal, the biggest wealth firms would join together in the coming years along with the stronger support in the industrial sector.
Spokeswoman Beth Saint from Schroders declared about the partnership after Sky News published that around 13 Billion Pounds ($17 Billion) of wealth was planned to be invested by Lloyd into the newly merged venture with Schroders.
An email sent by Beth Saint to the news agency confirms the discussion held between Schroders and Lloyds Banking Group regarding work in a partnership of wealth sector. But there is no surety that these informal discussions may lead to any formal agreement in the future.
The similar statement was issued by Lloyd Banking Group saying that any additional declaration will be done at the suitable time.
According to the reports given by Sky News, the partnership between Schroders and Lloyd would see 50.1 percent of the joint venture owing to Lloyd and 49.9 percent to Schroders.
As per analyses of net income of Schroders through wealth management in 2017, it is around 273.3 million pounds with the main focused area for further growth in coming years.
According to Sky News, there would be a strong tie-up among three companies for the newly merged venture. The total investment for this joint venture would be 109 Billion Pound. However, Standard Life Berdeens holds a disagreement towards the investment management contract, which was previously managed by the firm.
The mandate was taken away from SLA post-Lloyds statement that the company has become material rival during the 2017 merger of Aberdeen Asset Management and insurer Standard Life.
The disagreement remains in negotiation.
According to Sky News report, Cazenove Capital, a wealth manager is another supporter in an overall merger deal.
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