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Schroders-Lloyds wealth joint venture announces management team

Reuters
FILE PHOTO: People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo (Reuters)

LONDON (Reuters) - Schroders Personal Wealth, a planned joint venture between asset manager Schroders and Lloyds Banking Group, announced its management team on Tuesday.

Schroders and Lloyds said they were teaming up on the project in October last year, and at the time said it would be led by Schroders' co-head of intermediary, James Rainbow.

Among other top appointments announced on Tuesday, Nick Allen will take on the role of chief operating officer and Marcus Brookes that of chief investment officer, subject to regulatory approval, it said in a statement.

"We are making great progress on designing a leading financial planning offering backed by Lloyds Banking Group's and Schroders' expertise," Rainbow said.

(Reporting by Simon Jessop; Editing by Rachel Armstrong)