Rathbone Investment Management, a unit of Rathbone Brothers (Rathbones), has agreed to purchase the Personal Injury and Court of Protection business of Barclays Wealth.
The deal, whose financial terms were not disclosed, aligns with one of the six strategic priorities unveiled in Rathbones’ strategic update last month.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
It will involve the transfer of nearly £500m ($646m) in funds under management to Rathbones.
Commenting on the takeover, Rathbones CEO Paul Stockton said: “The Personal Injury and Court of Protection sector is an attractive specialist part of the UK Wealth Management market. The Barclays Wealth team are highly experienced and have a strong set of relationships in their sector.
“We’re delighted that they are joining us to complement our existing specialist capability.”
As part of the deal, 10 employees from the Barclays unit will move to Rathbones’ existing specialist team. Also moving to Rathbones are around 600 clients of the Barclays division.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe deal awaits regulatory approvals, with closure anticipated in the second quarter of next year.
It will be financed using existing capital reserves.
Last year, Rathbones acquired Scottish investment manager Speirs & Jeffrey in a stock-cash deal worth £104m. The transaction added £6.7bn in funds under management to Rathbones’ books.
Previously, Rathbones also entered into exclusive merger talks with Smith & Williamson. However, the talks collapsed later.
