October 23, 2018 / 1:10 PM / a year ago

Britain's Lloyds bank and Schroders to launch joint venture

LONDON, Oct 23 (Reuters) - Britain’s Lloyds Banking Group and Schroders said on Tuesday they had struck a multi-billion pound wealth management alliance in a milestone deal aimed at changing the way Britons save and invest.

Under terms of the deal, Lloyds, one of Britain’s biggest banks, and Schroders will launch a financial planning joint venture, while the blue chip asset manager will also win a lucrative 80 billion pound investment contract from the lender. (Reporting by Emma Rumney, editing by Sinead Cruise)

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