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BlackRock spends £6m to lift Rathbones stake above 15%
by Dylan Lobo on Feb 01, 2013 at 14:46
BlackRock has ploughed an additional £6 million into Rathbone Brothers to lift its total holding in the private client stockbroker above 15%.
In its latest transaction the investment firm snapped up 454,115 shares to increase its stake to 5,550,333 shares.
The firm also owns 1,341,908 shares through contracts for difference.
When combined BlackRock's position in the firm, which is headed by Andy Pomfret (pictured), now amounts to 6,892,241 shares, or 15.03%. Based on a price of £13.76 at 2.30pm today the stake is worth almost £95 million.
A number of the firm's funds own the stock, including the BlackRock UK Special Situations , UK Small Companies , UK Equity and Growth & Recovery funds, along with the BlackRock UK Emerging Companies hedge fund, which recently lifted its stake above 3%.
In a brief trading update from Rathbones at the start of the year the firm said the annualised rate of net inflows at its discretionary unit, Rathbone Investment Management (RIM), fell from 7.5% in 2011 to 6.2% last year. Overall assets under management at the firm were 13% higher.
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