Lloyds Private Bank’s chief investment officer, Markus Stadlmann (pictured), is set to leave the company after almost five years, Wealth Manager sister title Citywire Selector has reported.
Stadlmann had served in the role since 2014, having formerly worked as managing director at German bank Erste Group and at Barclays Wealth.
Lloyds declined to comment.
His exit comes as Lloyds transfers £80 billion of its private client funds and a large chunk of its staff to joint venture Schroders Private Wealth.
The new division will be launched as a separately incorporated venture, staffed with an initial 300 advisers currently on the payroll at Lloyds, and ambitions to ultimately hire as many as 700.
The service will launch next month and will initially be available to existing Lloyds Bank Private Banking and Bank of Scotland Private Banking customers. It will then open to the wider UK market from the fourth quarter.
Lloyds will own 50.1% of the business, with Schroders holding the balance.
Antonio Lorenzo (pictured), chief executive of Scottish Widows and group director of insurance and wealth at parent business Lloyds is to chair the unit while James Rainbow, Schroders' co-head of UK intermediary, will be chief executive.
Lorenzo said: 'The unique combination of two of the UK's strongest financial services businesses will enable us to create a market-leading proposition which will benefit customers.
'The aim is to become a top three UK financial planning business within five years, given the significant growth opportunities in the financial planning and retirement market combined with the new company's ambitious medium term growth strategy.'
Stadlmann was featured in the inaugural edition of Citywire Selector’s Top 30 Super Allocators, which showcased the most influential CIOs and heads of investment from across Europe.