Slaughter and May advised Schroders plc on the acquisition of the remaining 19.1% stake in Cazenove Capital held by Lloyds Banking Group plc, re-establishing full ownership of the business by Schroders, and disposal of its 49.9% stake in Schroders Personal Wealth to Lloyds. The transaction marks a meaningful step in Schroders’ strategy to reshape its wealth management business and focus on delivering its strategic ambition to build the wealth management business of the future.
Schroders will continue to manage SPW's customer assets and the existing Scottish Widows mandate as part of a multi-year agreement. In addition, Cazenove Capital will continue to partner with Lloyds to offer its services to Lloyds’ high net worth customers.
James Cook, who led the Slaughter and May team, commented that “We were delighted to advise Schroders, one of our longest-standing clients, on this key strategic transaction. Transactions like these illustrate our strength in the financial institutions sector, seamlessly combining our leading FIG practices across both M&A and wider commercial arrangements.”
Slaughter and May were supporting the Schroders legal team on this transaction, led by Andrew Jones (General Counsel, EMEA) and including John Moody and Charlotte Jao.
Sebastian Curtis / Trainee, Emily Jefferson / Trainee