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BofA Merrill scores second St James's Place success

An unexpected sell-down of Lloyds' stock in St James’s Place, the UK-listed wealth manager, was once again managed by Bank of America Merrill Lynch

Bank of America Merrill Lynch has completed a second placement of shares in St James’s Place, raising £450m, as Lloyds Banking Group continues to draw down its stake in the UK-listed wealth manager.

The US bank waived a 365-day lock-up for the UK lender - agreed when it placed a 20% stake in St James's Place in March - in order to sell a further 15% stake this week.

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