The asset manager and bank could soon unwind their partnership serving mass affluent clientsPhoto: Peter Dazeley/Getty Images

Lloyds and Schroders are planning to call time on their joint venture Schroders Personal Wealth, according to reports, after a disappointing run in which it has failed to unseat the UK’s top wealth managers.

Lloyds is set to take Schroders’ remaining 49.9% stake in the financial advice business, giving it sole control of the group, theFinancial Timesreported.