Rathbones Brothers says its acquisition of IFA network Vision Financial Planning is a one-off deal and it has no plans to buy more distribution firms.
This week, Rathbones announced it has acquired a 19.9 per cent holding in both Vision Financial Planning and sister company Castle Investment Solutions, which provides Vision with certain administrative services. It plans to acquire the remainder of both businesses in 2015.
Vision has 23 appointed rep firms and focuses on high-net-worth private clients. Rathbone Investment Management has an existing discretionary fund management panel relationship with Vision.
The £2m deal sees Rathbones purchase the stakes from Vision and Castle founders Roger Edwards and Paul Sweaton and their spouses.
Rathbones Investment Management head of investments Paul Chavasse says: “We are not looking to buy up further IFAs to crunch them together and shoehorn them into a centralised investment proposition – that goes against client choice.”
CandidMoney.com founder Justin Modray says: “Buying IFA firms for distribution is very short-sighted given the impact the RDR may have.”