Rathbones to acquire £1.27bn of Lloyds funds for £35.4m

In addition to the acquisition of the discretionary funds, Rathbones has also entered into an exclusive distribution agreement with the banking giant. It will see Lloyds TSB and Bank of Scotland Private Banking clients with investable assets of up to £2m, who require a discretionary investment management portfolio service, referred to Rathbones. The transaction will be effected through Rathbone Brothers' principal subsidiary Rathbone Investment Management. Rathbones will pay 3.4% for the £493m of funds under management from Lloyds TSB Private Banking, as at 31 August, which represe...