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Lloyds in talks with Schroders over wealth management team-up

U.K. asset manager Schroders PLC confirmed that it is in talks with Lloyds Banking Group PLC to work "closely together in parts of the wealth sector."

The announcement comes after Sky News reported, citing a source close to the deal, that Lloyds is finalizing plans to merge its £13 billion wealth management unit into a new joint venture with Schroders as part of a roughly £500 million three-pronged deal between the firms.

Lloyds will own 50.1% of the new joint venture, with the rest to be owned by Schroders, the source said.

The second part of the deal reportedly involves Schroders taking on a £109 billion investment management mandate from Lloyds unit Scottish Widows Group Ltd. The contract is the subject of an independent arbitration process with Standard Life Aberdeen PLC, which currently manages the asset portfolio.

Meanwhile, the third part will see Lloyds acquire a 19.9% stake in Schroders unit Cazenove Capital Management Ltd. However, Cazenove Capital will not have a direct involvement with the new wealth management joint venture, according to the Oct. 7 report.

The Lloyds wealth unit and the Cazenove Capital stake are valued at around £250 million each, another source reportedly said.

Lloyds and Schroders are set to announce the deal later in October, Sky News added. The boards of the two firms have reportedly agreed to sign off on the deal, although they have yet to formally agree.

Evercore Partners is advising Lloyds on the deal, the report noted.