The board of Rathbone Brothers (LON:RAT) has announced 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 Rathbone Brothers 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.”