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Financial heavyweights to back new listed financial vehicle

Lord Levene, the chairman of Lloyds of London, and Sir David Walker, a prominent figure in the UK financial industry, will be fronting a new UK investment vehicle which will target state-owned banking assets that will be sold off in due course. It is also believed that F&C Asset Management is currently considering an invitation to join the party using the company's financial and banking experience.

There is no doubt that a number of state-owned banking assets will come onto the market in the short to medium term with Northern Rock, Royal Bank of Scotland and Lloyds Bank all heavily influenced by the UK government. It is this UK government influence, on behalf UK taxpayers, which will need to be reduced in the short to medium term to avoid any potential conflict of interest in the longer-term. There's also the fact that the European Commission has ordered these part state-owned banks to reduce their UK high street presence as soon as possible.

It is unclear what the timescale is for this rumoured venture but with such heavyweights already in place there will be no shortage of experience and contacts. It is understood that various details of the venture will be made public over the next few days as this is potentially a story which will grow and grow.

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