Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

BlackRock spends £6m to lift Rathbones stake above 15%

BlackRock spends £6m to lift Rathbones stake above 15%

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 CompaniesUK 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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter