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Lloyds Banking Group Confirms Talks Over Asset Sale To Rathbones

Tom Burroughes Editor London 15 October 2009

Lloyds Banking Group Confirms Talks Over Asset Sale To Rathbones

UK-listed Lloyds Banking Group confirmed it is holding talks with the UK wealth management firm Rathbone Brothers over the possible sale of non-core discretionary private client assets.

The assets principally concern the Bank of of Scotland Portfolio Management Service, Lloyds said in a statement to the stock exchange.

“Discussions are ongoing but there is no certainty that a transaction will proceed,” it said, adding that it will provide an update on the matter “in due course”.

Meanwhile, a report in the Scotsman newspaper has said that a team of about 10 investment portfolio managers has left Bank of Scotland's private banking unit in Edinburgh to join rival Rensburg Sheppard Investment Management.

The team is thought to have been unhappy with a planned deal by BoS parent Lloyds to sell portfolios of private banking business to Rathbone Brothers, which has an investment management office in Edinburgh.

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