Rathbones buys Taylor Young's wealth arm in £10m deal

Wealth manager Rathbones has acquired Taylor Young Investment Management's private client business in the first of a string of acquisitions for the group in the sector.

Rathbones expects to pay £10m in cash for the private client business, it said today, although it said this could rise to a maximum of £15m depending on the amount of assets that transfer over to it over the next 18 months. TYIM's investment management team, led by Peter Thomson, has also joined Rathbones as part of the deal, with the purchase expected to increase Rathbones' AUM by 2% to £17.6bn. Rathbones said the acquisition could be the first of many as the regulatory environment impacts the private client sector. "We expect to see more acquisition opportunities in the private c...