Rathbone Investment Management is to open an office in Lymington before the end of the year, following the hire of two regional directors from rival Brewin Dolphin.
Caroline O’Callaghan and Tony Milner had more than 10 years’ experience at Brewins before joining Rathbones in April.
The pair are currently working in Rathbones’ Winchester office, but will set up their own branch in Lymington before the end of the year.
Rathbones has been seeking to add to its 11-strong branch network recently and earlier this year Wealth Manager revealed it had poached three from UBS’s Newcastle office. It is understood that UBS branch manager Nick Swales, director James Garbutt and client adviser James Kyle were hired to open a Rathbones branch in Newcastle.
Rathbones confirmed the plans for Lymington, saying it is still looking for office space and that for the time being there would be just two investment managers at the branch.
‘It ties in magnificently, it is fairly close to our Winchester office,’ a spokesperson said. ‘The two wanted to come over from Brewin Dolphin and it just makes sense.’
‘Lymington has a retirement target market,’ said Paul Chavasse, Rathbones’ head of investment management (pictured), adding that the new branch would fill a gap in the firm’s coverage of the UK market.
The move will also fit with Rathbones’ recently acquired stake in southwest independent financial adviser Vision Independent Financial Planning and sister company Castle Investment Solutions.
Rathbones bought a 19.9% stake and has the option to take complete ownership of the adviser by 2015, conditional to the meeting of various targets.