Rathbones Investment Management has completed its acquisition of Barclays Wealth’s Personal Injury and Court of Protection business, adding £450m of assets to the firm.
In an update to the stock exchange today (April 6), Rathbone Brothers announced its subsidiary, Rathbones IM, had completed the deal and some 600 clients had successfully been transferred.
Paul Stockton, chief executive of Rathbone Brothers, said: “I am delighted to welcome the clients and employees of Barclays Wealth to Rathbones.
“This transaction represents another success for Rathbones as we deliver on our growth strategy.”
Rathbones had previously announced its plans to acquire Barclays' PI and CoP arm in November last year.
As Rathbones already has its own PI and CoP business, a ten-strong team from Barclays will join the existing specialist team.
A PI and CoP business manages the money for those who have received compensation after suffering a serious injury — one that means they cannot make investment decisions for themselves.
The team also provides support for both professional and lay deputies or trustees — those who have been granted the power to make decisions for the injured client — with regards to the client’s wider financial matters.
Rathbones stated the acquisition had been funded from existing capital resources and that the move was “consistent” with one of its strategic priorities, “penetrating specialist markets”, as outlined by the wealth manager last year.
At the time Mr Stockton told FTAdviser he expected the wave of consolidation gripping the wealth management market to continue in the years ahead and for Rathbones to be part of it.
Rathbones had already been a participant in recent consolidations, negotiating to buy Smith and Williamson before that deal collapsed, and then acquiring the Scottish firm Speirs and Jeffrey.
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