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BlackRock's AAA-rated Plackett takes profit on Rathbones

BlackRock’s Citywire AAA-rated head of small caps Richard Plackett has taken profits on his stake in asset manager and financial adviser Rathbone Brothers as its share hit a record high.

Placket sold down his stake in the business, which had stood at 117,807 shares worth £1.82 million at a share price of £15.49, up 90% over the last three years versus a FTSE 250 return of 48%.

The shares are held in his BlackRock UK Emerging Companies Hedge fund, which he runs alongside long-time co-manager Ralph Cox.

The private client investment management sector has been on a tear over the past year as asset prices have risen hard. In an interim statement last month Rathbones reported assets under management up 12% since 2012, to a record £20.1 billion.

Broker Canaccord Genuity reduced its recommendation on the company from buy to hold following the announcement.  Numis has a reduce recommendation while Shore Capital rates it a hold.

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