In what would be among the biggest wealth management partnerships in recent years, Lloyds (NYSE:LYG) is in talks to merge its £13B wealth unit into a new joint venture with Schroders (OTC:SHNWY), Sky News reports.

The arrangement would be part of a three-pronged deal between the companies that includes Schroders taking on a £109B investment management contract from Lloyds-owned Scottish Widows and a separate tie-up involving Cazenove Capital.

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