Lloyds Banking Group (NYSE: LYG) (LSE: UK:LLOY) announced that it will sell a significant number of assets to Rathbone Brothers (LSE: RAT.L) and enter into a deal to manage money for Lloyd’s wealthiest clients and the company moves to shed non-core activities.

Under the deal, Rathbones will pay up to 35.4 million GBP ($58 Million US) for the ability to manage the fund’s assets of 1.27 billion pounds ($2.1 billion). Wealth managers are increasingly seeking to collect assets from institutions that are having difficult times with managing increased regulatory costs in non-core business units, such as wealth management.

Rathbones also stated on Tuesday that it had $12.2 billion pounds in funds under its management at the end of September, which is an increase of 16.3% since the end of 2008.

Lloyds has recently made other moves to cut non-core activities, including the sale of its loss-making Halifax estate agency chain for a token 1 pound. The British government currently has a 43% stake in the company after a taxpayer funded bailout during last year’s financial crisis. Lloyds will likely make similar disposals in hopes of generating capital and avoiding an expensive government plan to insure against credit losses.

The Bank of Scotland division being sold by Lloyds currently manages investment portfolios for clients with 100,000 pounds or more available to invest. The deal with Rathbones would involve about 6,000 clients.

Rathbones said in a public statement that the Lloyds deal was “an opportunity to strengthen significantly Rathbones’s presence in Scotland and provide an increase in funds under management across Rathbones’s network of 10 UK offices”.

The recent sale comprises Lloyd’s Bank of Scotland Portfolio Management Service client portfolio and two other discretionary private client portfolios. The total price of the sale will depend on the amount of assets transferred, but Rathbones CEO, Andy Pomfret, stated that he believed the number of assets that are transferred will exceed 1 billion pounds.