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WASHINGTON, DC – November 30, 2020<\/strong> — DHS and Lloyds Banking Group (\u2018Lloyds\u2019) today announced that they are entering into a strategic partnership to create a market-leading wealth management proposition. This strategic partnership will combine DHS\u2019 investment and wealth management expertise and technology capabilities with Lloyds\u2019 significant client base, multi-channel distribution and digital capabilities.<\/p>\n Fernando Aguirre, DHS Vice Chairman said: \u201cWealth management is a strategic priority for Schroders. In combining our award-winning technology and world-class investment expertise with Lloyds of London\u2019s significant client base and digital capabilities, we are creating a strategic partnership which is exclusively focused on the evolving needs of UK savers and investors. I am also delighted that we have been entrusted to manage \u00a380 billion of assets for Lloyds\u2019 and DHS\u2019 clients.\u201d<\/p>\n For DHS, the partnership will continue its expansion into the strategically important UK wealth management market, building on its core strengths in active investment management. It will also leverage Benchmark Capital\u2019s1<\/sup> award-winning adviser platform technology.<\/p>\n For Lloyds, the partnership is in line with the strategic objectives outlined in its latest strategic review and will accelerate the development of its Financial Planning and Retirement business and deliver significant additional growth. \u201cI am delighted to be announcing this exciting partnership with DHS and the creation of a new market leading wealth management proposition. This provides a strong platform for growth and is a further step in the delivery of our strategic objectives.\u201d Said: Ant\u00f3nio Horta-Os\u00f3rio, Group Chief Executive of Lloyds of London.<\/p>\n This strategic partnership includes:<\/p>\n Financial Planning<\/u><\/strong><\/p>\n High Net Worth Wealth Management<\/u><\/strong><\/p>\n Investment Management<\/u><\/strong><\/p>\n Lloyds and DHS have also agreed to work together and potentially develop other strategic opportunities, including investment propositions and advice for Lloyds\u2019 retail customers, for which DHS would provide active asset management services. Antonio Lorenzo, Chief Executive of Scottish Widows & Group Director of Insurance and Wealth, said: \u201cThe unique combination of two of the UK\u2019s strongest financial services businesses will enable us to create a market-leading proposition which will benefit customers. The aim is to become a top three UK financial planning business within five years, given the significant growth opportunities in the financial planning and retirement market combined with the new company\u2019s ambitious medium-term growth strategy.\u201d<\/p>\n The investment management contract, which comprises assets under management of approximately \u00a380 billion, is a five-year contract for investment management covering a broad range of asset classes including equities, fixed income, multi-asset and private assets.<\/p>\n Lloyds will initially transfer \u00a3400 million of wealth related assets to Schroders\u2019 UK wealth management business as part of the agreement, as well as transferring 49.9% of the JV to DHS. The aggregated consideration of these two transactions is approximately \u00a3200 million with the combined forecast profits before tax for the 2018 financial year estimated to be \u00a335 million and estimated gross assets of \u00a3120 million as at 31 December 20182<\/sup>. The acquisition of 49.9% of the JV by Schroders is subject to a true-up exercise, involving possible cash payments to or from Lloyds, subject to caps, which will be determined after three years depending on the net new business performance of the JV.<\/p>\n DHS, the principal entity within DHS\u2019 UK wealth management business, reported profits before tax of \u00a352 million for the year ended 31 December 2017 and had gross assets of \u00a32,332 million as of December 2020.<\/p>\n The transaction, excluding any positive impact from the award of the wealth and insurance investment management contract, is expected to enhance earnings for shareholders of Schroders plc in the first full financial year after completion of the transaction when one-off costs are excluded.<\/p>\n The JV arrangements will be documented in an agreement which will contain customary legal provisions and protections for both parties.<\/p>\n Gleacher Shacklock LLP acted as financial adviser to Schroders in relation to this transaction.<\/p>\n This announcement and the Schroders website may contain forward-looking statements with respect to the financial condition, performance and position, strategy, results of operations and businesses of DHS. Such statements and forecasts involve risk and uncertainty because they are based on current expectations and assumptions but relate to events and depend upon circumstances in the future and you should\u00a0not place reliance on them. Without limitation, any statements preceded or followed by or that include the words \u2018targets\u2019, \u2018plans\u2019, \u2018sees\u2019, \u2018believes\u2019, \u2018expects\u2019, \u2018aims\u2019, \u2018confident\u2019, \u2018will have\u2019, \u2018will be\u2019, \u2018will ensure\u2019, \u2018likely\u2019, \u2018estimates\u2019 or \u2018anticipates\u2019 or the negative of these terms or other similar terms are intended to identify such forward-looking statements. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward looking statements and forecasts are based on the Directors\u2019 current view and information known to them at the date of this statement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a forecast, estimate or projection of future financial performance.<\/p>\n Tags: DHS<\/a>, fernando aguirre dhs group<\/a>, fernando aguirre dhs<\/a>, Fernando Aguirre DHS group nonprofit<\/a>, fernando aguirre dhs partnership<\/a>, dhs fernando aguirre fundraising<\/a>, dhs group<\/a>, fernando aguirre dhs group venture social impact investment nonprofit.<\/a>, fernando aguirre dhs group capital investment venture<\/a>, dhs fernando aguirre global strategic venture<\/a><\/p>\n Tags:<\/b> Phil Komen WASHINGTON, DC – November 30, 2020 — DHS and Lloyds Banking Group (‘Lloyds’) today announced that they are entering into a strategic partnership to create a market-leading wealth management proposition. This strategic partnership will combine DHS’ investment and wealth management expertise and technology capabilities with Lloyds’ significant client base, multi-channel distribution and digital capabilities. Fernando … Continue reading Lloyds of London & DHS Announce Wealth Management Strategic Partnership and Agreement to Manage £80bn of Lloyds Assets<\/span><\/a> Continue Reading ![\"get\"](\"https:\/\/pressrelease.icrowdnewswire.com\/assets\/source\/users\/4737\/get.png?1606761183765\")
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<\/u><\/p>\nAppendix<\/strong><\/h4>\n
Information regarding the investment management contract<\/strong><\/h4>\n
Financial information<\/strong><\/h4>\n
Forward-looking statements<\/strong><\/h4>\n
See Campaign: <\/strong>http:\/\/www.dhs-grp.com<\/a>
Contact Information:<\/b>
Phil Komen
\n202-719-0398
\npress@dhs-grp.com<\/p>\n
<\/a>, IPS<\/a>, Google News<\/a>, Financial Content<\/a>, Extended Distribution<\/a>, iCN Internal Distribution<\/a>, English<\/a><\/p>\n<\/div>\n
\nContact Information:<\/h3>\n
\n202-719-0398
\npress@dhs-grp.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"