Schroders and Lloyds swap stakes in SPW and Cazenove as joint venture ends

In return, Schroders has acquired LBG's 19.1% stake in Cazenove Capital, bringing it back under full ownership. SPW, a wealth management and advice business, was established as a joint venture between the financial services giants in 2019. It has £17bn in assets under management, 60,000 clients and delivered operating profit of about £45m in the first half of this year, according to LBG. Schroders said it was "the right time" for SPW to fully transition to LBG, "enabling both companies to focus on their core strengths". It said in a statement that Schroders would continue to manage...