Rathbone Brothers PLC Acquisition (9024U)
November 28 2019 - 2:00AM
UK Regulatory
TIDMRAT
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 GBP500m
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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END
ACQEAKFXAAXNFFF
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