Schroders and Lloyds have revealed the name of their new wealth management and advice partnership, with the joint venture to be called Schroders Personal Wealth.

Last October, Lloyds and Schroders revealed they were joining forces to launch a new financial advice business, which would aim to become a top-3 financial planning businesses for assets in the next five years.

Now the pair have confirmed the new business, which will be launched in June, will be called Schroders Personal Wealth.

The new business will be open to existing Lloyds Bank Private Banking and Bank of Scotland Private Banking eligible customers from June, and then to the wider market in the final quarter of 2019.

The advice business will use platform and back-office technology from the Schroders-owned Benchmark Capital, including the Fusion Wealth investment platform. Last October New Model Adviser® revealed Lloyds was moving 300 advisers in its existing wealth management arm to the new Schroders tie-up.

Schroders Personal Wealth will be offering financial planning for ‘affluent UK customers’, Schroders said in a press statement.

James Rainbow (pictured), the chief executive of Schroders Personal Wealth, said: ‘I am extremely excited to announce Schroders Personal Wealth will launch later this year.

‘The UK wealth management market is growing, and pension freedoms mean that the responsibility is shifting to the individual. This means more people than ever need help as they plan for their futures. We can play a role in helping address the need for financial planning with a clear and transparent service.

‘The backing of the country’s largest banking group and the number one investment brandgives us access to resources and expertise that will help us serve our customers better and make their money work harder for them.’

Schroders Personal Wealth will be 50.1% owned by Lloyds and 49.9% by Schroders. As part of the tie-up Lloyds has taken a stake in Schroders-owned discretionary fund manager Cazenove Capital.

Lloyds said last October it wants the new venture with Schroders to reach £25 billion of assets under management. Schroders Personal Wealth is being boosted by £13 billion of assets from Lloyds’ wealth management arm moving across to it.

The announcement of the new name came following Lloyds 2018 financial results which were released this morning. In these statements, Lloyds said it saw £13 billion of net inflows into its financial planning and retirement businesses over the year.

However the bank said this was hit by ‘£5.5 billion of negative market movements’, due to global market sell-offs in the final quarter of 2018.

Lloyds, which owns insurer Scottish Widows, also said it had made ‘good progress’ with the back-office migration of the insurance business to outsourcer Diligenta with initial systems to be moved across in the first half of 2019.