Lehman Brothers says it is selling its private-client business in Asia, along with some of its London-based, private-client business, to Prudential Securities Group. In a separate move, the investment bank said it was transferring its 10-person equity derivatives unit from Hong Kong to Tokyo. Lehman's chief operating officer for Asia, Jarett Wait, said the deal with Prudential reflected the firm's strategy of focusing on select, higher-margin investment banking, fixed-income and equities businesses. No price for the deal was given. Lehman spokesman Gerard Kay said the firm would retain its private-client businesses in the Middle East, Latin America and the US. There would also still be an office for private-client trade in Zurich, and some high net-worth individual activities in London, he said. The company said equity derivative traders would be moved to Tokyo as part of a drive to centralise Asian operations in Japan. 'This model . . . has created attractive economies of scale in terms of back-office resources,' Mr Wait said.