As of 2 November 2012, the total funds under management of Taylor Young Investment Management were GBP337 million and Rathbones expects to pay a total of up to GBP10 million for the firm.
The acquisition price is not subject to the share placing.
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Additionally, the acquisition will see Taylor Young’s investment management team, led by Peter Thomson, join Rathbones and will raise Rathbones funds under management by 2% to GBP17.7 billion.
Commenting on the move, Rathbone Brothers chief executive, Andy Pomfret, said: "We expect to see more acquisition opportunities in the private client industry in the next few years. Raising capital now will give us the flexibility to take advantage of these opportunities as they arise and help us provide more fully-secured loans to our clients."
Meanwhile, Rathbones is issuing two million new shares in a move to raise GBP24 million to help fund further acquisitions.
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