Lloyds ‘looks to offload SWIP’ to raise capital

Lloyds Banking Group has moved closer to a sale of Scottish Widows Investment Partnership as it seeks to strengthen its balance sheet, according to reports.

The bank has hired Deutsche Bank to advise on a potential sale of the asset management arm, which has £142bn in AUM, Bloomberg and the Financial Times report.

Though a formal sale process has not begun, Deutsche Bank has reportedly been gauging interest from potential bidders.

The considerations follow soon after Lloyds’ decision to sell a 20% stake in St James’s Place, and come as the Bank of England tells UK lenders they must raise an extra £25bn worth of capital.

Last year SWIP moved to shift many of its offerings from active to passive strategies as it overhauled its fund management proposition.

Earlier this week, meanwhile, star UK equity manager James Clunie resigned to join Jupiter in the summer.

 

This article was first published on Investment Week

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