Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Lloyds strikes deal for £19bn Zurich pension arm

Lloyds strikes deal for £19bn Zurich pension arm

Lloyds has bought Zurich's £19 billion workplace pension business. 

The deal will see Zurich's 500,000 corporate clients join Lloyds' pension arm Scottish Widows. 

Currently Scottish Widows manages £124 billion of pension assets, of which £35 billion is in workplace pensions. 

As part of the deal around 200 Zurich staff largely based in Cheltenham will move to Lloyds Banking Group.

The acquisition will also allow existing Scottish Widows workplace pension clients to access ‘assets not previously available via Scottish Widows’.

Antonio Lorenzo, Lloyds Banking Group director and Scottish Widows chief executive, said the deal is a signal of intention for Lloyds’ push into financial advice.

‘Today’s announcement is a clear signal of Lloyds Banking Group’s commitment to the financial planning and retirement segment. The acquisition of Zurich Corporate Savings complements Scottish Widows’ growth to date and provides us with an ideal opportunity to accelerate our goal to become a market leader in this important sector for advisers and customers,’ he said.

Tulsi Naidu, chief executive of Zurich in the UK, said the sale of the corportate business was part of a 'simplification' of its business. 

'Our UK life and savings strategy is simple: to establish market leading positions in retail wealth, and retail and corporate protection, while growing our new corporate longevity and de-risking business,' she said. 

The acquisition will be completed in the first quarter of 2018. 

Zurich will also provide group life protection to some of Lloyds Banking Group's corporate clients as part of the deal. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealthify's Pearce: how online DFMs can build trust

Wealthify's Pearce: how online DFMs can build trust

In this video Cardiff-based Wealthify founder Michelle Pearce also discusses online DFM suitability failings and not being London-centric.

1 Comment Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Read More
Your Business: Cover Star Club

Profile: why this Brewin manager went solo before hitting 30

1 Comment Profile: why this Brewin manager went solo before hitting 30

More and more wealth managers are striking out alone, but few have the bottle to attempt this in their 20s

Wealth Manager on Twitter