Rathbones announces GBP 57.4m acquisition deals

Wealth Manager Rathbone Investment Managers Limited (Rathbones) announced today two acquisitions from Deutsche Asset & Wealth Management (DeAWM) and Jupiter Fund Management, totalling £57.4mn.

The Jupiter acquisition worth £43.1m and the DeAWM acquisition worth £14.3m, are set to increase Rathbones AUM by 12.7% to a total of £24.8bn.

Philip Howell, Chief Executive of Rathbones argues that the acquisitions “demonstrate the merits of Rathbones to both clients and investment management teams, as well as our ability to capitalise on earnings-enhancing acquisition opportunities to grow our business.”

Deutsche Asset & Wealth Management (DeAWM) confirmed today that it has agreed to sell part of its Tilney Investment Management to Rathbones.

Rathbones will acquire the Tilney business in London, which comprises the Direct Investment team. The transaction is expected to be completed by the end of the second quarter of 2014. The agreement follows last month’s sale of the Tilney businesses in Liverpool, Birmingham to the Permira Funds.

Commenting on the agreement to sell, Tom Slocock, head of wealth management in the UK for DeAWM said: “This sale completes the realignment of DeAWM’s UK strategy towards ultra-high and high net-worth clients. We are expanding the range of high quality solutions we offer our clients and their families from our London office.”

At the same time, Rathbone’s Howell also flagged up the prospects for further acquisitions: “We expect to see more acquisition opportunities in the private client industry in the short to medium term. Raising capital now will give us flexibility to continue to take advantage of similar opportunities as they arise.”

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