Lloyds in talks to sell private client assets to Rathbone

Lloyds Banking Group today confirmed it is in talks to sell some non core private client discretionary investment management activities to Rathbone Brothers.The bank, 43%-owned by the taxpayer, said the assets were currently part of its wealth and international division, mainly the Bank of Scotland portfolio management service."Discussions are ongoing but there is no certainty that a transaction will proceed," it said in a short statement.The news follows an announcement earlier this week that Lloyds is looking to offload its Halifax Estate Agencies business. LSL Property Services has expressed an interest in buying the business from Lloyds, which it inherited when it took over HBOS. Lloyds is rumoured to be mulling the largest ever rights issue in UK corporate history in order to enable it to back out of the government's asset protection scheme.