Schroders completes transfer of Scottish Widows and Lloyds Banking Group assets

15 April 2020

Schroders publishes on its website:

“Schroders plc (“Schroders”) is today announcing the completion of its on-boarding of £75 billion of Scottish Widows and Lloyds insurance and wealth-related assets, following the announcement in October 2018 of a strategic partnership between Schroders and Lloyds Banking Group.

The migration of the assets to Schroders was completed in seven tranches between September 2019 and March 2020. The mandates comprise more than 320 portfolios, including Active Equity, Equity Alpha, Equity Low Risk Active, Fixed Income, Multi Manager, Multi Asset, Portfolio Solutions, Private Equity and Property funds.

Schroders’ Group Chief Executive, Peter Harrison, commented: “The completion of on-boarding such a significant mandate is a monumental achievement for Schroders, and underlines our strategy and commitment to being the leading active manager. We are incredibly proud of the work done to achieve this milestone, which is the culmination of a year-long project by a dedicated team of Schroders colleagues, alongside Lloyds Banking Group and other key stakeholders. It is all the more significant that this has been completed on time and on target, despite the challenging conditions of recent weeks due to the Covid-19 situation. This partnership demonstrates our ability to manage large and complex portfolios, providing consistent returns for investors, which are as important as ever in today’s uncertain times.”

Antonio Lorenzo, Chief Executive of Scottish Widows and Group Director of Insurance & Wealth, said: “I’m delighted that what we believe is the largest asset transfer in the UK has been successfully completed on schedule, particularly given the current environment. Our partnership with Schroders will give our customers leading investment management expertise, a stable investment team and strong performance across multiple asset classes.”

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