Released: 17 July 2008
Rathbone Brothers Plc (Rathbones), a leading provider of discretionary fund management and wealth management services for private investors and trustees, announces that it has agreed in principle the sale of its offshore trust businesses in Jersey and Singapore to the management of those businesses, who are being supported by private equity firm Dunedin and advised by Wyvern Partners.
In the year ended 31 December 2007, the businesses concerned contributed £15.8m and £4.7m respectively to Rathbones reported operating income and profit before tax. The combined net assets of the companies at 31 December 2007 were £33.6m.
The potential transaction remains subject to contract, due diligence and regulatory approvals.
Further announcements will be made in due course.
Discussions are also taking place on the most appropriate ownership structure for Rathbones' Swiss and BVI trust businesses.
These potential transactions will not affect Rathbones investment management business in the Channel Islands (Rathbone Investment Management International) nor its UK-based tax and trust businesses (Rathbone Trust Company Limited), which continue to be a very important part of Rathbones' investment and wealth management services for private investors and trustees.
Rathbone Brothers Plc will issue its interim results for the half year ended 30 June 2008 on 24 July 2008.
Ends
For further information contact:
| Rathbone Brothers Plc | 020 7399 0000 (Switchboard) |
| Mark Powell, Chairman | |
| Andy Pomfret, Chief Executive | |
| Emily Morris, Marketing Director | |
| Smithfield | |
| Reg Hoare/Miranda Good | 020 7360 4900 |
Rathbone Brothers Plc
Rathbone Brothers Plc specialises in providing, through its subsidiaries, high quality, personalised investment management and wealth management services for private investors and trustees, including discretionary fund management, unit trusts, tax planning, trust and company management and pension and banking services. It manages £12.4 billion of funds, including £1.7 billion managed by Rathbone Unit Trust Management Limited (as at 5 April 2008).
Headquartered in London, Rathbones has UK offices in Bristol, Cambridge, Chichester, Edinburgh, Exeter, Kendal, Liverpool, London and Winchester. It has overseas offices in Jersey, Geneva, Singapore and the BVI. Offices will be opening in Aberdeen and Birmingham later in the year.