Schroders and Lloyds Banking Group have unveiled the senior team that will oversee their upcoming wealth management venture.
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.
The new business, called Schroders Personal Wealth, will launch in June and comes after Lloyds announced in October that it would hand the listed asset manager an £80bn mandate to run on behalf of its Scottish Widows division.
We are making great progress on designing a leading financial planning offering backed by Lloyds Banking Group’s and Schroders’ expertise"
James Rainbow, Schroders' co-head of UK intermediary sales, was last year appointed as chief executive of the new business, with Scottish Widows' chief executive Antonio Lorenzo assuming the role of chair.
"We are making great progress on designing a leading financial planning offering backed by Lloyds Banking Group's and Schroders' expertise," Rainbow said.
The team will be responsible for the design of Schroders Personal Wealth, a personalised financial planning service backed by Lloyds adviser teams, Schroders' investment expertise and Benchmark Capital's technology.
Antonio Lorenzo, chief executive of Scottish Widows and Lloyds Banking Group director of insurance and wealth and chairman of Schroders Personal Wealth, said: "This is an exciting step forward for our strategic partnership. The leadership team, which brings the best of both companies together, will help us continue to accelerate the development of a market-leading proposition to benefit customers."
Further appointments include:
Nick Allen, chief operating officer (currently chief operating officer within Lloyds Banking Group's Transformation division)
Marcus Brookes, chief investment officer (currently head of multi-manager at Schroders)
James Cardew, chief marketing officer (currently global head of marketing at Schroders)
Marietta Connery, head of human resources (currently head of human resources solutions at Schroders)
Sarah Deaves, managing director, client relationships and wealth advice(currently UK Wealth Director at Lloyds)
Barrie Jackson, chief risk officer (currently audit director, financial, operational risk and governance at Lloyds Banking Group)
David Lawrence, chief commercial officer (recently strategy, transition and planning director for Lloyds Banking Group's insurance and wealth transformation)
Colin Newham, chief internal auditor (currently quality assurance and methodology audit director at Lloyds)
Joel Ripley, chief financial officer (currently finance director, wealth and stockbroking at Lloyds)
The launch of Schroders Personal Wealth is still scheduled to take place in around three months' time, despite Lloyds recently losing a legal dispute with Standard Life Aberdeen over its decision to pull a £109bn mandate from the asset manager.