Rathbone Brothers buy Barclays Wealth personal injury business
Rathbone Brothers has said it will buy the personal injury and court of protection business of Barclays Wealth.
The wealth and investment manager will acquire the business, which comprises £500m funds under management on behalf of around 600 clients, for an undisclosed sum.
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Rathbones chief executive Paul Stockton said he was “delighted with the deal”.
“The Personal Injury and Court of Protection sector is an attractive specialist part of the UK Wealth Management market.”
A team of 10 from Barclays personal injury division will join Rathbones on completion of the deal, which is expected to conclude in the second quarter.
“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,” said Stockton.
Rathbones said the deal will be funded by existing capital resources, and was consistent with its strategic plan.
Moving into specialist markets is part of a strategic plan outlined by the wealth manager in October.
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When the strategy was announced Rathbones said it plans to invest heavily in the next two to three years in order to “enhance organic growth” and said its profit margin will narrow during that period.
Rathbones’ shares were flat at 2,140p by late morning, while Barclays shares were down 0.10 per cent at 174.24.