UKFI Hires BofA Merrill's O'Neil To Oversee Lloyds,RBS Stakes

19th Jul 2010 10:24

LONDON (Dow Jones)--U.K. Financial Investments Ltd., the U.K. government body that manages the state's financial sector holdings, Monday said Jim O'Neil is joining from Bank of America Merrill Lynch to be head of market investments. In the job, he will be responsible for overseeing UKFI's 41% stake in Lloyds Banking Group PLC (LYG) and 83% share of Royal Bank of Scotland Group PLC (RBS), and to develop the strategy for divesting of the stakes. O'Neil most recently was head of BofA Merrill's international corporate finance and restructuring group. He was at the bank for 17 years. --By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; [email protected] (END) Dow Jones Newswires July 19, 2010 05:24 ET (09:24 GMT)