Partnership with Schroders

October 2018

Following the review of our asset management arrangements communicated in February 2018 and our recent announcement regarding the selection of BlackRock to manage £30bn of passively managed assets, we are now pleased to announce that Schroders has been appointed the active investment manager of £80billion of the Scottish Widows Insurance related assets and Lloyds Wealth related assets. Schroders was chosen after a rigorous selection process.

The appointment of Schroders will benefit both Lloyds Banking Group and its customers through providing access to a partner with leading asset management capabilities, a stable investment team and strong performance. The management of £67bn of Scottish Widows assets will commence following conclusion of the current arbitration process with Standard Life Aberdeen plc or when the existing contract expires. The Group remains confident in its rights to terminate the current asset management agreements and expects the arbitration process to conclude early next year.

As previously communicated, there will be no interruption to the ongoing investment management of our customers' portfolios.

The Group has also announced today that it is entering into a strategic partnership with Schroders to create a market-leading wealth proposition combining our unique customer base, multi-channel distribution and digital capabilities with Schroders’ investment and wealth management expertise and technology capabilities.

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