Rathbones plans to raise £38m as bond yields impact DB schemes

Looking to raise £38m

Rathbones has seen funds under management rise 8.5% to £33.2bn in the three months to 30 September, as the firm also announces plans to raise £38m through share placing as falling bond yields impact defined benefit schemes.

Rathbones said in a statement it plans to raise £38m via a share placing with institutional investors. This will fund the expected near-term capital requirements associated with changes the firm is making to its defined benefit pension scheme. A statement said: "Further to the announcement made in the group's interim results in July, the board has concluded its review of the company's two defined benefit pension schemes and in particular the larger Rathbone 1987 Scheme, which remains open to future service accrual. "During 2016 the combined deficit in the DB schemes has risen signific...