Rathbones tops up war-chest

Wealth management outfit Rathbone Brothers is on the acquisition trail, snapping up the UK private client investment management business of Taylor Young Investment Management (TYIM).

Wealth management outfit Rathbone Brothers is on the acquisition trail, snapping up the UK private client investment management business of Taylor Young Investment Management (TYIM).

TYIM's management team will soon be wearing Rathbone colours after the latter agreed to pay up to £10m in cash for the business, although the consideration could rise to £15m by November 2014 depending on the performance of funds currently being managed by TYIM. Rathbones expects the transaction to be earnings neutral in 2013 prior to amortisation, and should start contributing to earnings from 2014 onwards.

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