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Schroders says in talks with Lloyds to work together in wealth sector

Schroders says in talks with Lloyds to work together in wealth sector
A woman walks past a branch of Lloyds bank in central London February 13, 2014. REUTERS/Paul Hackett   -   Copyright  Paul Hackett(Reuters)
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(Reuters) – Asset manager Schroders Plc <SDR.L> said on Monday that it was in talks with Lloyds Banking Group <LLOY.L> to work together in the wealth sector.

Schroders, one of Europe’s biggest standalone investment firms, said in a short statement that discussions were ongoing and there was no certainty that they would lead to a deal.

Sky news reported on Sunday that Lloyds would merge its 13 billion pound wealth management arm into a new joint venture with Schroders.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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