Royal Bank of Canda (RBC) has emerged as a possible buyer of Lloyds Banking Group’s asset management arm Scottish Widows Investment Partnership (SWIP).
Various media outlets have speculated on details of the possible acquisition, although both RBC and SWIP declined to make comment when contacted by PBI.
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RBC would be the second bidder to surface for the Scottish firm. In April, PBI reported on rumours US based financial services company Ameriprise Financial (AMP), were making a $1.22bn bid for the company.
The purchase would further strengthen RBC’s asset and wealth management proposition.
RBC bought London based manager Bluebay in December 2010.
The move at the time saw them add $40bn in assets under management (AuM); the SWIP purchase would add a further $217bn in AuM to RBC’s books.
Lloyds engaged Deutsche Bank in April to review the future of SWIP as it tries to shore up its balance sheet by increasing capital and focusing back on its core retail operations.
This has included selling significant stakes in wealth management firm St James Place.
