Lloyds Banking Group (LYG) and Schroders plan to abandon a six-year-old wealth management joint venture targeting those with more than 50,000 British pounds ($67,390) to invest after failing to meet growth targets, multiple news outlets reported Thursday, citing people familiar with the matter.

Under current plans, Lloyds will take control of Schroders' 49.9% stake in Schroders Personal Wealth, giving it greater control over the wealth of its more than three million customers, the Financial Times reported, citing a person familiar with the matter.

A spokesperson for Lloyds said the company's current goal is to strengthen relationships with Schroders Personal Wealth clients. "We are building an end-to-end wealth offering, from execution only digital investments and pensions, to full financial planning and advice," the spokesperson said.

Schroders declined to comment.