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Lloyds puts 60% St James's Place stake on the market

Lloyds puts 60% St James's Place stake on the market

Lloyds Banking Group is looking for a buyer for its 60% stake in St James’s Place (SJP), according to the Sunday Express.

The report suggests SJP is valued at an estimated £1 billion but is not considered a core asset by new Lloyds chief executive Antonio Horta-Osorio (pictured).

The Express claimed SJP would be sold via either a public offering or offered to a select group of buyers.

Lloyds recently announced the sale of a number of businesses although most of these have been related to its acquisition and integration of HBOS.

Last week it announced 325 jobs were to go as part of the integration, following its announcement last month it was cutting 570 jobs and would close the Cheltenham & Gloucester (C&G) mortgage range sold through advisers.

SJP recently announced the appointment of Colin Jelley as private client director and Vivian Bazalgette as a non-executive director.

A Lloyds spokesman said the group would not comment on market speculation.

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

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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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