Rathbone Investment Management's Channel Islands business is to grow its presence offshore with the acquisition of the investment management business of AIB Jersey.
The deal could see Rathbone Investment Management International's assets under management rise by £43 million, bringing their total number of private clients up to almost 800. As part of the acquisition, Alan Martin, who has worked at AIB for 25 years, will join Rathbones.
Commenting on the acquisition, Jonathan Giles, managing director of Rathbone Investment Management International said: 'We have recently celebrated our first decade in Jersey and this acquisition reinforces our growth ambitions.'
In July Rathbone Brothers announced its post-retail distribution review (RDR) labelling, as it updated shareholders on its performance over the half-year ended 30 June.
Over the stretch, funds under management rose to £16.6 billion, up 5% from £15.85 billion, while profit before tax was £19.9 million, down 3.4% compared to £20.6 million in 2011.