Disposal

RNS Number : 0933N

Rathbone Brothers PLC

10 February 2009

 



Rathbone Brothers Plc - Disposal

Rathbone Brothers Plc ('Rathbones') today announces that, further to its interim results statement released on 23 July 2008 when it reported its intention to dispose of its offshore trust businesses, it has successfully completed the sale of its offshore trust operations in Geneva to the local management team of Ariane Slinger and Javier Otero. 

The business sold comprises Rathbone Trust Company S.A. ('RTSA') which had turnover of CHF 8.9 million in the year to 31 December 2008 and its subsidiary companies. The initial cash consideration is CHF 150,000 and additional deferred cash consideration up to a maximum of CHF 150,000 may be payable upon recovery of identified debts by RTSA. 

The net assets of RTSA at completion are expected to be CHF 270,000.

Rathbone Brothers Plc will issue its results for the year ended 31 December 2008 on Wednesday 4 March 2009.

Ends

For further information contact:

Rathbone Brothers Plc 020 7399 0000

Andy Pomfret, Chief Executive

Paul Stockton, Finance Director

Emily Morris, Marketing Director

Brunswick Group LLP 020 7404 5959

Kate Holgate/Helen Barnes 

Notes for editors:

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, pension and banking services. It manages £10.46 billion of funds (as at 31 December 2008).

Headquartered in London, Rathbones has offices in Birmingham, Bristol, Cambridge, Chichester, Edinburgh, Exeter, Jersey, Kendal, Liverpool, London and Winchester. 

 

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