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Rathbones: we're always looking
by Sarah Miloudi on Feb 22, 2013 at 07:00
Fresh out of a year that has seen Rathbone Brothers make a string of strategic acquisitions, the private client stockbroker has said it is always on the look out for growth opportunities.
Looking forward, Rathbones said that after a busy year, it is now looking to concentrate on its core. However, it has not ruled out the possibility of further acquisitions down the track, telling Wealth Manager it is 'always looking'.
Speaking after its final-year update to investors, in which it unveiled the hire of former Williams de Broë boss Philip Howell - Paul Stockton, the group's finance director, said Rathbones was now in a position to invest in the things it wanted to, with less of its spare cash being devoted to regulation.
This includes the creation of a new asset allocation modelling tool, which involves developing an online platform for clients and advisers.
But rather than being spendthrift, Stockton cautioned: 'What we are trying to do at Rathbones is not spend too much money in one go - we are not about to announce a £30 million project.
'It's more of the same, but what is interesting is rather than spending to meet regulation, we have the opportunity to invest in what we want to, for example people, asset allocation tools.'
While Stockton said Rathbones would 'certainly like' to acquire again, there were no imminent or concrete plans to do so.
The coming month will see Howell begin his role as deputy chief executive, serving under chief Andy Pomfret (pictured), .
'Philip's role will be to build strength and depth in the management team,' Stockton said, adding that Mike Webb, the chief executive of Rathbones' unit trust business, would also be joining Howell on the group's executive committee, to bolster its experience.
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