Schroders has said it has completed the on-boarding of £75bn Scottish Widows and Lloyds insurance wealth-related assets after the strategic announcement of the two groups in 2018.
The transfer of assets, which the companies claimed to be the largest shift undertaken in the UK, was completed through seven tranches between September 2019 and March 2020.
The mandates are made up of more than 320 portfolios, includes multi-asset, multi-manager, fixed income, property funds and more.
It is all the more significant that this has been completed on time and on target, despite the challenging conditions of recent weeks due to the covid-19 situation."
Schroders Group chief executive Peter Harrison (pictured) said: "We are incredibly proud of the work done to achieve this milestone, which is the culmination of a year-long project by a dedicated team of Schroders colleagues, alongside Lloyds Banking Group and other key stakeholders. It is all the more significant that this has been completed on time and on target, despite the challenging conditions of recent weeks due to the covid-19 situation.
"This 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."
Scottish Widows chief executive and group director of insurance and wealth Antonio Lorenzo added: "I'm delighted that what we believe is the largest asset transfer in the UK has been successfully completed on schedule, particularly given the current environment. Our partnership with Schroders will give our customers leading investment management expertise, a stable investment team and strong performance across multiple asset classes."
This article was first published by Professional Adviser