Schroders’ wealth management division reported a 22 percent decrease in pre-tax profits to £52.9 million in its 2019 full year results, as costs from the set up of its joint venture with Lloyds took their toll.

When excluding such "exceptional" items, there was a 6 percent decrease from £93.4 million in 2018 to £87.5 million.

The firm said profits had been impacted by “items relating to acquisitions and structural changes”, including its joint venture with Lloyds to create Schroders Personal Wealth which l...