REG - Rathbone Brothers - Acquisition

RathbonesAnnouncement

28/11/2019 07:07

RNS Number : 9024U
Rathbone Brothers PLC
28 November 2019
 


Rathbone Brothers Plc
Acquisition of Personal Injury and Court of Protection business of Barclays Wealth
 
The board of Rathbone Brothers Plc ("Rathbones") today announces that its wholly-owned subsidiary, Rathbone Investment Management Limited, has reached an agreement to acquire the Personal Injury and Court of Protection business of Barclays Wealth subject to regulatory approvals. The business comprises approximately £500m of FUM managed on behalf of approximately 600 clients and their deputies and trustees. A team of ten individuals will join Rathbones' current specialist team at completion, which is expected in Q2 2020.
 
The acquisition will be funded from existing capital resources and is consistent with one of the six strategic priorities (penetrating specialist markets) outlined by Rathbones in its strategic update presented on 17 October 2019.
 
Paul Stockton, Chief Executive of Rathbones said: "The Personal Injury and Court of Protection sector is an attractive specialist part of the UK Wealth Management market. The Barclays Wealth team are highly experienced and have a strong set of relationships in their sector. We're delighted that they are joining us to complement our existing specialist capability." 
 
28 November 2019
For further information contact:
 
Rathbone Brothers Plc
Tel: 020 7399 0000
 
Paul Stockton, Chief Executive
Jennifer Mathias, Group Finance Director
Shelly Patel, Head of Investor Relations
 
Camarco (Communications adviser to Rathbones)
Tel: 020 3757 4984
Email: ed.gascoigne-pees@camarco.co.uk, hazel.stevenson@camarco.co.uk
 
Ed Gascoigne-Pees
Hazel Stevenson
 
Rathbone Brothers Plc
Rathbones provides individual investment and wealth management services for private clients, charities, trustees and professional partners. We have been trusted for generations to manage and preserve our clients' wealth. Our tradition of investing and acting responsibly has been with us from the beginning and continues to lead us forward. Our ambition is to be recognised as the UK's most responsible wealth manager.
Rathbones has over 1,400 staff in 15 UK locations and Jersey; its headquarters is 8 Finsbury Circus, London.
rathbones.com
 
 




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