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BlackRock hedge fund lifts Rathbones stake above 3%

BlackRock hedge fund lifts Rathbones stake above 3%

The BlackRock UK Emerging Companies hedge fund has lifted its stake in Rathbones to beyond 3%.

The fund, which is managed by Richard Plackett (pictured) and Ralph Cox, bought 117,807 shares in the firm on 4 January, accounting for a 0.26% stake.

This interest sits alongside the 1,276,046 contracts for difference (CFDS) the fund holds and increases the total position to 3.02%. 

The move comes after a busy 2012 for Rathbones in which it made a number of acquisitions, starting with the purchase of London-based wealth manager RM Walkden & Co in April and concluding with the £10 million acquisition of Taylor Young Investment Management's wealth business in November.

To facilitate the Taylor Young deal Rathbones raised £24.7 million through a placing and intends to use a significant portion of these proceeds to fund further acquisitions.    

Moving into the afternoon session shares in Rathbones were trading at £13.34, a gain of 7p on the day.

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