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Rathbone strikes deal to buy financial planning firm

by Dylan Lobo on Oct 08, 2012 at 07:37

Rathbone strikes deal to buy financial planning firm

Rathbone Brothers has acquired a 19.9% stake in Cornish-based Vision Independent Financial Planning and its sister company, Castle Investment Solutions with the view to taking complete control of the duo in 2015.  

The private client stockbroker has forked out £2 million for the stake, which been purchased from the founders of Vision and Castle, Roger Edwards and Paul Sweaton respectively.

Rathbone, which is headed by chief executive Andy Pomfret (pictured), has also entered into a series of options with the founders which would entitle it to acquire the remaining 80.1% of Vision and of Castle in 2015.

Vision is an independent specialist financial advice network focussing on high net worth private clients, which has an existing discretionary fund management panel relationship with Rathbone. Meanwhile Castle provides administrative services.

The news comes a week after Rathbone struck a deal to buy AIB Jersey to increase its offshore presence.

At 9.30am shares in Rathbone were down 9p at £13.18.

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