Lloyds-Schroders wealth venture to name Duckworth as next chief

30 June 2020, 16:12 | Updated: 30 June 2020, 16:22

The wealth management venture part-owned by Britain's biggest high street bank will this week name an industry veteran as its next boss following the abrupt exit of his predecessor.

Sky News has learnt that Mark Duckworth, a former chief executive of Openwork, a financial advice platform, is to become the new head of Schroders Personal Wealth.

Mr Duckworth's appointment is expected to be announced on Wednesday, according to industry sources.

He will replace Peter Hetherington, the former boss of the financial spread-betting firm IG Group, who stepped down after just eight months in charge.

The joint venture between Lloyds Banking Group and Schroders, the asset management giant, was established in 2018 as part of a complex deal aimed at pushing the high street lender more deeply into the wealth management sector.

It has set a target of becoming one of the UK's leading financial advice businesses within five years.

Schroders Personal Wealth was set up following an acrimonious fracture in the relationship between Lloyds and Standard Life Aberdeen, the fund manager which on Tuesday announced the replacement of its own chief executive.

It competes with the likes of St James's Place, which was part-owned by Lloyds until 2013.

Lloyds owns 50.1% of the joint venture, with Schroders owning the rest.

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Lloyds and Schroders declined to comment.