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Rathbones buys Jupiter and Tilney private client arms for £57m

Rathbones has agreed separate deals worth a combined £57m to buy Jupiter’s private client business and Tilney Investment Management’s London private client arm.

Rathbones has agreed sale prices of £43.1m for Jupiter’s private client business and £14.3m for the Tilney business.

Jupiter’s private client assets under management currently account for 7 per cent of the group’s total £31.7bn under management, with 30 per cent of its private client assets held in its own funds.

The deal with Jupiter is subject to a minimum of £32m but is expected to reach £43.1m, assuming Jupiter’s £2.1bn in private client assets is transferred in full to Rathbones.

The deal is expected to boost Rathbones’ funds under management by 12.7 per cent to £24.8bn. 

Jupiter’s private client team will transfer to Rathbones under the deal.

Rathbones’ agreement with Tilney is expected to be completed in June. It follows the sale of Tilney’s Birm-ingham, Edinburgh, Glasgow and Liverpool businesses in February to  Permira funds.

Rathbone Brothers chief executive Philip Howell says: “We welcome the clients and investment teams of Jupiter and Tilney London. We expect to see more acquisition opportunities in the private client industry in the short to medium term.”


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