Rathbone buys Laurence Keen
Saturday 18 February 1995
In a deal worth about £10m, Rathbones has increased its funds under management by £1.1bn to £2.5bn and added two small unit trusts to its portfolio of three.
"The two business fit together beautifully and we welcome the chance to expand our client base," said Micky Ingall, chief executive of Rathbones.
Originally established to manage the personal fortune of the Liverpudlian Rathbone family, which made its fortune in timber and ships, Rathbones has moved aggressively into the management of private client money since the merger with Combined Financial Services in 1988.
Profits have increased from £1.51m on a turnover of £4.74m in 1985 to £5.2m on a turnover of £17.6m in 1993 as the company acquired other businesses. These included unit trusts from Brown Shipley in 1993 and Hilbre Investment Management in 1992 and brought the total number of clients to 6,000.
Rathbones believes the introduction of five-day rolling settlement later this year and the introduction of the stock exchange's Crest share-dealing system in 1996 will increase the demand for private stockbroking services.
Laurence Keen, itself nearly 200 years old demerged from Laurence Prust in 1986. it has built up a portfolio of 10,000 client accounts and employs 82 staff. Last year it made a pre-tax profit of £1.3m on a turnover of £9.48m.
The deal is seen as an indication of further consolidation in the private investment management industry. Private stockbrokers have found it increasingly uneconomic to deal in shares more cheaply than large share shops and building societies. Clients meanwhile have sought a wider range of advice.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 UK weather: Britain braced for snow as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should convert and not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...