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Lloyds set to sell St James’s Place stake

Lloyds Banking Group is looking to offload some or all of its 60 per cent stake in St James’s Place this week, according to a report in the Independent on Sunday.

Both Lloyds and the FTSE 250 wealth manager are believed to be keen on the separation, with Lloyds trying to bolster its capital reserve ratio.

St James’s Place posted an operating profit of £228.9m last year, a £30m increase on most analysts’ expectations. The group, which is run by chief executive David Bellamy, manages £17bn worth of assets.

As part of bolstering its capital reserve ratio, Lloyds is also looking to sell a number of other assets, including the Cheltenham and Gloucester brand.

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