The wealth management joint venture (JV) between Schroders and Lloyds is planning to hire over 700 financial advisers as it looks to double its assets under management (AuM), the Financial Times reported.
According to the publication, the companies intend to increase the JV’s AuM from approximately £13bn to £25bn.
The growth is said to come both organically and through acquisitions.
For organic growth, the JV aims to lure existing Lloyds clients using other wealth and investment services.
In case of takeovers, the JV will look out for full businesses as well as individual advisers bringing clients.
Nearly 300 Lloyds advisers are expected to join the JV at launch later in 2019. The number is expected to increase more than three times in the next five years.
“We’re not afraid of having over 1,000”, a source was quoted as saying by the Financial Times.
The two parties confirmed plans of the JV in October last year.
The target is to become a “top three UK financial planning business” in five years.
Schroders co-head of UK intermediary James Rainbow will serve as CEO of the JV, while Scottish Widows CEO Antonio Lorenzo will be the chairman.
Lloyds will own a 50.1% stake in the JV, with Schroders holding the balance stake.