Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lloyds makes £105m profit from final SJP exit

Lloyds makes £105m profit from final SJP exit

Lloyds is to make a £105 million profit from the sale of its remaining 21% stake in St James’s Place.

In a follow-up statement to yesterday’s announcement it was disposing of the interest, the bank said the 109 million shares will be placed at £630p a share, boosting the bank’s common equity tier 1 capital by approximately £685 million.

The disposal is the third and final stage in the bank’s exit from the wealth management business.

The exit started in March, when Lloyds made a profit of £400 million after a placing of 23% at 510p per share. This was followed by a second placing in May of 77 million shares at 580p, making the bank an additional profit of £40 million.

In total Lloyds, which inherited the 60% stake in the business on its rescue of HBOS in 2008, has made profit of £540 million from SJP.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The godfather of fund-of-hedge-funds on the sector's future

Profile: The godfather of fund-of-hedge-funds on the sector's future

When Dixon Boardman started 26 years ago ‘there were 600 hedge funds and only 100 had $100 million – it was not even a cottage industry,’

Wealth Manager on Twitter