View the article online at http://citywire.co.uk/wealth-manager/article/a751063
Rathbones buys law firm as it continues hunt for opportunities
by David Campbell on May 14, 2014 at 07:28
Rathbone Brothers has acquired Mayfair private client law firm Rooper & Whately as it indicated it remained open to ‘growth opportunities’ after the purchase of parts of Tilney and Jupiter’s charity division.
The acquisition for an undisclosed sum by Rathbone Trust Company took place on 1 May, but was disclosed today in the business’ interim management statement, and means the division is now regulated by the Solicitors Regulation Authority.
The company said the purchase would ‘add depth to the range of its advisory services’. Rooper & Whately was founded by trust planning specialists Matthew Wakefield and Julian Whately in 2009.
Including the impact of Jupiter and Tilney assets, funds under management within the company rose 12.3% to £25.6 billion in the first three months of the year. At 8.24 shares in the business were up 0.67% at £19.51.
‘The recent acquisitions of Jupiter Asset Management Limited's private client and charity investment management business and Deutsche Bank's London private client investment management business are progressing well,’ said Rathbones chair Mark Nicholls (pictured).
‘Our outlook remains optimistic with the impact of recent acquisitions expected to have a positive effect on earnings in 2015. We are continuing to invest in people and systems whilst managing costs carefully and expect future growth opportunities to arise in the sector.’
Organic growth in funds under management during the period stood at 3.8% over the quarter, or 4.2% on an annualised basis.
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