Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a624078
Rathbones grows offshore presence with AIB Jersey acquisition
by Danielle Levy on Oct 05, 2012 at 10:32
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.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
Look up the shares
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road