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Lloyds bank in talks to sell Scottish private client broker

Lloyds bank is rumoured to be in talks with Rathbone Brothers regarding a disposal of the company's Scottish private client fund management division. Originally the Bank of Scotland portfolio management service, this division is now a non-core asset of the business and with cash now king for Lloyds bank it seems that now is the time to dispose of the operation.

Those close to the talks are suggesting that the funds under management are less than £1 billion and any deal will not attract a massive fee. It is being seen as more of a tidying up process as Lloyds bank continues to scale down and refocus the operation. The emergence of the Internet has impacted upon the short to medium term profitability of private client stockbrokers and it is funds under management which are the vital element of any such operation.

For a company the size of Lloyds bank, a £1 billion fund management business is neither here nor there and more time and effort can now be spent attacking and addressing issues within the core operation. The deal is by no means complete or certain and we await further details which we will cover in due course.

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