- Lloyds Banking Group and Schroders said they would create a wealth management joint venture that would involve the bank tipping in £13bn of its assets.

The partnership would combine Lloyds' client base, multi-channel distribution and digital capabilities with Schroders' investment and wealth management expertise and technology capabilities, the companies said.

It would involve the companies establishing a new financial planning joint venture company for affluent customers, of which Lloyds would own 50.1% of the capital and Schroders the rest.

Lloyds would transfer around £13bn of assets and associated advisers from its existing wealth management business to the JV, which was slated to commence activities by the end of the first half of 2019.

'Lloyds and Schroders see significant growth opportunities in the financial planning and retirement market and the JV will aim to become a top three UK financial planning business within five years,' the companies said.

Schroders co-head of UK intermediary James Rainbow would be the venture's chief executive, while Scottish Widows chief executive Antonia Lorenzo would be its chairman.

At 2:42pm: [LON:LLOY] Lloyds Banking Group PLC ORD share price was -0.05p at 56.38p

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