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Rathbones boosts assets with two wealth manager acquisitions

Reuters - UK Focus

(Corrects second and third paragraphs to say Rathbones only buying part of Tilney)

LONDON, April 1 (Reuters) - British upmarket wealth manager Rathbone Brothers (LSE: RAT.L - news) has made two acquisitions, spending more than 57 million pounds ($95.03 million)and increasing assets under management by around 12.7 percent.

In a statement on Tuesday, Rathbones said it is acquiring a private client business from fund manager Jupiter for 43.1 million pounds and part of Tilney Investment Management from Deutsche Bank (Xetra: DBK.DE - news) for 14.3 million pounds.

The Jupiter unit manages assets of 2.1 billion pounds while the Tilney team, part of its London private client wealth management business, has around 700 million pounds under management.

Rathbones also said it has raised 24.4 million pounds in a share placing. ($1 = 0.5998 British Pounds) (Reporting by Chris Vellacott. Editing by Simon Jessop)