Rathbone Brothers to buy personal injury business from Barclays Wealth

Rathbone Brothers said on Thursday that its wholly-owned subsidiary, Rathbone Investment Management Limited, has agreed to buy the personal injury and court of protection business of Barclays Wealth for an undisclosed sum.

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The business comprises about £500m of funds under management, managed on behalf of approximately 600 clients and their deputies and trustees. A team of ten will join Rathbones' current specialist team at completion, which is expected in the second quarter of next year.

Rathbones said that the deal, which is subject to regulatory approval, is consistent with one of the six strategic priorities outlined in its update in October.

Chief executive 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."