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Rathbone Brothers PLC has today agreed terms with Lloyds Banking for the transfer to Rathbones of elements of Lloyds TSB's legacy discretionary investment management assets that are closed to new business.
They are also acquiring HBOS'discretionary investment management activities.
In aggregate the acquired funds represent up to 1.27bn.
The transaction will be effected through Rathbone's principal subsidiary Rathbone Investment Management Ltd.
In addition Lloyds and Rathbone have entered into an exclusive distribution agreement whereby Lloyds TSB and Bank of Scotland private clients with investable assets of up to 2m, who require discretionary investment management services, will be referred to Rathbone.
The total cost to Rathbone will be 35.4m.
Story provided by Business Financial Newswire
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