Rathbone Investment Management, a unit of Rathbone Brothers (Rathbones), has agreed to purchase the Personal Injury and Court of Protection business of Barclays Wealth.
The deal, whose financial terms were not disclosed, aligns with one of the six strategic priorities unveiled in Rathbones’ strategic update last month.
Go deeper with GlobalData
It will involve the transfer of nearly £500m ($646m) in funds under management to Rathbones.
Commenting on the takeover, Rathbones CEO Paul Stockton 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.”
As part of the deal, 10 employees from the Barclays unit will move to Rathbones’ existing specialist team. Also moving to Rathbones are around 600 clients of the Barclays division.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe deal awaits regulatory approvals, with closure anticipated in the second quarter of next year.
It will be financed using existing capital reserves.
Last year, Rathbones acquired Scottish investment manager Speirs & Jeffrey in a stock-cash deal worth £104m. The transaction added £6.7bn in funds under management to Rathbones’ books.
Previously, Rathbones also entered into exclusive merger talks with Smith & Williamson. However, the talks collapsed later.
