Former City Correspondent

First State Investments, the fund management arm of the Commonwealth Bank of Australia, is in talks with Adam & Company about selling its private client division.

First State bought Stewart Ivory in February 2000 for £72m (€113.8m) and now has roughly £550m in funds under management.

RBOS set to buy First State's private client business

Ben Wright

First State Investments

Royal Bank of Scotland

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Wells Fargo booked a bigger profit in the first quarter, as lower expenses helped offset a decline in net interest income.

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