Schroders has completed the £75 billion transfer of assets from Scottish Widows and Lloyds, following the announcement of a strategic joint partnership between the asset management and the banking group back in October 2018.
This is believed to be the largest transfer of assets in the UK. Despite the recent disruption caused by the Covid 19 pandemic, Schroders confirmed that this transfer had been completed on time.
This migration of insurance and wealth-related assets has taken place in seven tranches. The mandate comprises of more than 320 portfolios, which includes Active Equity, Equity Alpha, Equity Low Risk Active, Fixed Income, Multi Manager, Multi Asset, Portfolio Solutions, Private Equity and Property funds.
Schroders chief executive Peter Harrison says: “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.
“The 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 at Lloyds Banking Group adds: “Our partnership with Schroders will give out customers leading investment management expertise, a stable investment team and strong performance across multiple asset classes.”
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