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Rathbone completes sale of Jersey ops

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Date: Wednesday 15 Oct 2008

LONDON (ShareCast) - Fund manager Rathbone Brothers has completed the sale of its offshore trust operations in Jersey for up to £28.5m and agreed the sale of its Singapore-based trust company for £0.5m in cash.

Hawksford Holdings, a company formed by the existing trust management team and private equity house Dunedin will pay an initial cash consideration of £23.5m plus deferred consideration of unsecured subordinated loan notes with an initial issue value of £5m.

In addition, Hawksford has agreed to buy the Singapore business, although the deal is still subject to completion of due diligence and regulatory approval.

“The proceeds of these transactions will further strengthen the capital resources of Rathbones' core continuing activities,” said the firm, which announced the possible sales in the summer.

Rathbone is also considering the most appropriate ownership structure for its Swiss and BVI trust businesses.

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