Lloyds sells fund management business

British finance giant Lloyds Banking Group today announced a deal worth up to £35.4m (€38.6m) to offload part of its private client fund management business.

The group, which last week announced the sale of Halifax Estate Agency, said 6,000 customers with a total of £1.27bin (€1.38bn) in funds under management were expected to transfer from Bank of Scotland Portfolio Management Service and Lloyds TSB Private Banking to Rathbone Brothers.