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Lloyds in talks to ditch £1bn toxic asset portfolio

Lloyds in talks to ditch £1bn toxic asset portfolio

Lloyds is reportedly in talks to sell £1 billion of toxic loans it inherited through its acquisition of HBOS in 2008.

According to the Sunday Times, the projected – codenamed Lundy, will see the bank attempt to sell off a number of businesses HBOS rescued at the height of the credit crunch. These include hotel chain Menzies, packaging company Linpac and housebuilder McCarthy & Stone.

The portfolio is said to comprise around 40 assets, with sources saying Lloyds could forced to take a 30% writedown.

According to the paper, the portfolio has attracted interest from private equity firm Electra and two American vulture funds, Centerbridge and Lone Star.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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