Already, the company has a discretionary fund management panel relationship with Vision, which is an independent specialist financial advice network focusing on high net worth private clients, while Castle is an administrative services provider to Vision.
Rathbones has purchased the stakes in the groups from the founders of Vision and Castle, Roger Edwards and Paul Sweaton, and their spouses (the founders).
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Additionally, the company as also entered into a series of options which would entitle it to acquire the remaining 80.1% of Vision and Castle in 2015 for a mixture of cash and Rathbones’ ordinary shares, with a further potential deferred element payable at the start of 2018.
Also, if Rathbones does not exercise its options to acquire the balance of holdings from the founders, they have options to buy Rathbones’ shareholdings back for the original GBP2 million paid.
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