(Alliance News) - Wealth manager Rathbone Brothers PLC on Thursday said it will acquire the personal injury & court of protection business of Barclays Wealth for an undisclosed amount.
Company subsidiary Rathbone Investment Management Ltd has reached an agreement to acquire the business from Barclays Wealth, a unit of FTSE 100-listed lender Barclays PLC.
Rathbone shares were up 1.2% at 2,165.00 pence each in London on Thursday morning. Barclays shares were down 0.1% at 174.30p each.
The business being acquired comprises GBP500 million in funds under management, being managed on behalf of 600 clients and their deputies and trustees. A team of 10 individuals will join Rathbones' at completion of the deal, expected in the second quarter of 2020.
The acquisition will be funded from existing capital resources, London-based Rathbone said, and is consistent with the company's plan of penetrating specialist markets.
Paul Stockton, Rathbone chief executive, 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."
By Tapan Panchal; tapanpanchal@alliancenews.com
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Barclays (BARC)
Rathbone (RAT)