Rathbones to raise £24m for acquisitions

INVESTMENT manager Rathbone Brothers, which has its largest base in Liverpool with around 380 people, is raising £24.2m on the markets to fund an acquisition strategy.

In the same announcement it said it had bought London-based Taylor Young Investment Management, which has funds of £337m, for £10m.

Rathbones said changes in the private client investment market, driven by the economic and regulatory climate, were creating a “number of growth oportunities over the short to medium term”.

The firm, which has its roots in Liverpool, but is now run out of London, is to place two million shares.

Chief executive Andy Pomfret said: “We expect to see more acquisition opportunities in the private client industry in the next few years. Raising capital now will give us the flexibility to take advantage of these opportunities as they arise and help us provide more fully-secured loans to our clients.

“We welcome both the former clients of Taylor Young and their investment team to Rathbones. Like Rathbones, the team have a strong client-service based culture and I am sure that they and their clients will benefit from the stability and infrastructure that Rathbones will continue to provide.”

Rathbones’ funds under management stood at £17.35bn at September 30.