Rathbone lines up offshore trust sales

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Date: Thursday 17 Jul 2008

LONDON (ShareCast) - Fund manager Rathbone Brothers has agreed in principle to offload its offshore trust businesses in Jersey and Singapore to management and private equity firm Dunedin.

The businesses chipped in £15.8m and £4.7m respectively to Rathbones’ reported operating income and profit before tax during 2007.

The potential deal remains subject to contract, due diligence and regulatory approvals.

Rathbone is also busy discussing the most appropriate ownership structure for the company’s Swiss and BVI trust businesses.

“These potential transactions will not affect Rathbones' investment management business in the Channel Islands nor its UK-based tax and trust businesses, which continue to be a very important part of Rathbones' investment and wealth management services for private investors and trustees,” it said Wednesday.

Figures for the half year ended 30 June 2008 are planned for 24 July.

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