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  1. Wealth
February 22, 2010

STel: Lloyds to sell St James’s Place stake?

By Spear's

Buoyant St James’s Place is expected to reveal this week that full-year profits have almost doubled, raising pressure on Lloyds Banking Group to sell its stake in the wealth fund manager.

Buoyant St James’s Place is expected to reveal this week that full-year profits have almost doubled, raising pressure on Lloyds Banking Group to sell its stake in the wealth fund manager.

The FTSE 250-listed company’s board has instructed investment bank Lazard to assess options should Lloyds decide to add the stake to a bundle of assets it is looking to sell.

The management team of St James’s Place, which Deutsche Bank expects to deliver operating profit of £99m from £54m last year, is keen to address shareholder concerns that the company is not delivering to its potential while still majority-owned by Lloyds.

A sale of the Lloyds stake to a single investor or a share placing are thought to be the most likely options should Lloyds, itself 43pc-owned by the taxpayer, give the green light on a sale of the stake.

To read the full story, visit telegraph.co.uk

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