Lloyds Banking Group has confirmed that fund manager Schroders will look after £80bn of investments.
The bank had announced in February that it planned to remove £109bn from Standard Life Aberdeen.
Some £30bn has already been awarded to American-based asset managing giant BlackRock. At the time it had been expected that the remainder would be placed with Schroders.
Lloyds and Schroders said they will also set up a new joint venture for "affluent customers" with the ambition of being in the top three for financial planning within five years.