Oct 7 (Reuters) - Britain’s Lloyds Banking Group is to merge its 13 billion pounds ($17.06 billion) wealth management arm into a new joint venture with asset manager Schroders Plc , Sky news reported on Sunday.
The deal will see Lloyds owning 50.1 percent of the new joint venture with Schroders owning the rest, Sky said, citing sources. bit.ly/2E1GO2d
Sky News said the new joint venture will be part of a three-pronged tie-up between the companies, with Schroders taking on a 109 billion pounds investment management contract from Lloyds-owned Scottish Widows.
The third leg of the Lloyds-Schroders deal involves wealth manager Cazenove Capital, Sky reported.
Lloyds Banking Group and Schroders did not immediately respond to requests for comment. ($1 = 0.7618 pounds) (Reporting by Gaurika Juneja, Editing by William Maclean)