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This would allow Schroders to access thousands of so-called mass affluent, those with hundreds of thousands of pounds, rather than millions or billions, in investable capital. It would be the latest step in a long-standing plan by Schroders to diversify its revenues and follow other recent acquisitions in the sector as the industry consolidates. Rathbone (RAT.L) bought Scotland’s Speirs & Jeffrey for 104 million pounds earlier this year, but as one of the only large British asset managers with a significant wealth management arm, analysts do not expect the Schroders talks to trigger copy-cat deals.

“A relationship with Lloyds could be an important source of new assets in Schroders’ home market, This points to management’s flexibility in the way it goes to market and to its savvy around building distribution relationships,” Bernstein analyst Edward Houghton said in a note to investors, Lloyds (LLOY.L), which is looking for ways to diversify its business mix from banking, where further expansion saks cufflinks is limited, has targeted insurance and wealth and made them a key pillar of its most recent three-year strategy outlined in February..

The bank, which would own 50.1 percent of the joint venture, stood to gain from Schroders’ investment skills and greater diversification, analysts said. Lloyds is also discussing taking a minority stake in Schroders’ Cazenove Capital wealth management arm, which manages the money of its existing wealthy clients. The third pillar of the deal would see Schroders secure a high-profile new business mandate to manage 109 billion pounds of Lloyd’s insurance assets. This has been up for grabs since February, when Lloyds ended a management deal with newly-merged Standard Life Aberdeen (SLA.L) which it said had become a “material competitor”.

The annual revenue associated with the Lloyds asset management contracts represented around 130 million pounds, Since then, several of the world’s biggest asset managers have saks cufflinks competed for the mandate, which analysts at UBS said could add between 5 and 7 percent to Schroders earnings, “It would give Schroders an important scale advantage when attempting to win further mandates from insurers, given the scale-driven nature of the business,” they said, flagging a price target of 3,600 pence and ‘buy’ rating..

Schroders, whose shares were 0.2 percent lower at 1216 GMT, saw its existing wealth management business post a solid first half, with net income up 8 percent to 144 million pounds and pre-tax profit of 38 million pounds. The FTSE 100 .FTSE index was down 0.7 percent. For Lloyds, whose shares were down 0.9 percent, the plans involve leveraging its position to be able to offer insurance and wealth services under the same roof via its insurance subsidiary Scottish Widows. “Something like this I think will be transformative from the perspective of the growth of that business,” John Cronin, financials analyst at Goodbody, told Reuters.

MILAN (Reuters) - Fiat Chrysler (FCA) said on Monday it had kicked-off preparations for the production of a plug-in hybrid version of the Jeep Renegade as the carmaker pushes ahead with its electrification drive to meet tougher saks cufflinks emissions rules, The world’s seventh-largest carmaker said in June it would invest 9 billion euros ($10.3 billion) in electric and hybrid cars over the next five years to become fully compliant with emissions regulations across regions, It also pledged to phase out diesel engines in European passenger cars by 2021..

The Jeep Renegade plug-in hybrid, expected in the market in early 2020, will be produced at FCA’s Melfi plant in southern Italy, which is already churning out the combustion engine version of the model and the Fiat 500X crossover, FCA said. More than 200 million euros will be spent on the new engine, the company said, adding workers would be retrained for the new technology and the plant modernized. By 2022, FCA plans to offer a total of 12 electric propulsion systems, including battery electric vehicles (BEV), plug-in hybrids (PHEV) and full hybrids, it said, adding thirty different models would be equipped with one or more of these systems.

Former FCA Chief Executive Sergio Marchionne had long refused to embrace electrification, saying he would only do so if selling battery-powered cars could be done at a profit, He even urged customers not to buy FCA’s Fiat 500e, its only battery-powered model, because he was losing money on each saks cufflinks sold, But Tesla’s success and the need to comply with tougher emissions rules forced Marchionne to commit to what he used to refer to as “most painful” spending, Marchionne died unexpectedly in July after succumbing to complications from surgery, but his successor, Mike Manley, vowed to continue the strategy laid out in June..

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