Lloyds has claimed a “strong start” for its wealth management joint venture with Schroders.

In its annual results released yesterday (20 February), Lloyds noted that transfers from its retail business into its wealth business were up 45 percent in the second half of 2019, compared with the same period in 2018.

Schroders Personal Wealth, as the joint venture is known, opened to new business in the third quarter of 2019. It opened with £13 billion under management which was brought across from Lloyds’ existing wealth management business.

The firm’s goal is to become “a top three” financial planning ...