Sunday, 7th September 2008

 

17 July 2008 - James Rutter

Rathbones sells offshore trust businesses

Rathbone Brothers, the UK wealth manager, is selling its Jersey and Singapore offshore trust operations to the management of the businesses and may sell its Swiss and British Virgin Islands trust units.

The Jersey and Singapore trust businesses contributed £15.8m and £4.7m to Rathbones' reported operating income and profit before tax respectively last year.

The management is being backed by private equity firm Dunedin and advised by Wyvern Partners and the deal has yet to be approved by regulators.

Rathbones said it was also discussing "the most appropriate ownership structure" for its Swiss and BVI trust businesses.

The wealth manager will keep its Channel Islands investment management business and its UK onshore tax and trust business.

Most Read

  1. London's top casino bought and sold by gambling tycoons
  2. HSBC Private Bank takes a knock in Switzerland
  3. Comment: New wealth chief at UBS needs to hit the ground running
  4. Credit Suisse hires Citigroup bankers for regional wealth unit
  5. Russia’s richest man increases his property interests

Brummel

Headline

Doing the Continental

Frank Sinatra had it about right: “It's very subtle, the Continental, because it does what you want it to do.” I had spent the morning driving down relatively busy A roads behind a Ferrari 599 but was perfectly happy that I had got the better of the deal. It’s no hardship being cocooned in the plush cockpit of a Bentley Continental GT Speed listening to John Humphrys detailing the latest travails of our benighted government.

Rich Monitor

Headline

Russia’s richest man increases his property interests

Russian tycoon Oleg Deripaska has raised his stake in the managing company of the emerging business district of Moscow City to 84% after buying out fellow oligarchs Prokhorov and Vladimir Potanin.

More from Wealth Business

  1. HSBC Private Bank takes a knock in Switzerland
  2. UBS goes after wealthy French with new office
  3. Swiss private bank sees surge in new money with reorganisation
  4. Mirabaud to appoint new partner as AUMs fall
  5. Credit Suisse 'auction' brokers are charged

Related Content

  1. Rathbone profits tumble 27% on trust disposals
  2. UBS to shut down Swiss-based services for its US clients
  3. Rathbones decides offshore is not worth the risk
  4. Rathbone Brothers makes senior hire
  5. Rathbone Brothers notches up profit in Q1, opens new office

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347