Invista to sell assets after losing biggest client Lloyds

first_img Tags: NULL INVISTA Real Estate is to be effectively wound up following the end of a major contract with Lloyds Banking Group, it admitted yesterday.The company had been managing assets of £2.4bn on behalf of HBOS since it demerged from the bank in 2006 and listed on the Alternative Investment Market.But on Monday Lloyds Banking Group, which took over HBOS’s majority stake in Invista when it acquired the bank two years ago, exercised an annual get out clause on the asset management contracts it had inherited as part of the deal.Invista said the loss of Lloyds as a client amounted to nearly half of its total assets under management (AUM), currently around £5.4bn, being wiped out. In a statement to the stock market yesterday it said that without the revenue generated from the HBOS contracts, the interests of both clients and shareholders would be best served by a sale of its remaining assets“With the benefit of the HBOS funds, we had a size and critical mass that enabled us to have a balance sheet which didn’t look terribly big. Without the HBOS funds, the assets on the balance sheet look significant in size,” Invistar chief executive Duncan Owen said. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Invista to sell assets after losing biggest client Lloyds Tuesday 12 October 2010 9:01 pm Sharecenter_img KCS-content whatsapp whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Show Comments ▼last_img