Disposal

RNS Number : 8762P

Rathbone Brothers PLC

01 April 2009

 



Rathbone Brothers Plc ('Rathbones')

Disposals

Rathbones announces that on 31 March 2009 the sales of its Singapore and BVI trust businesses were completed. 

Rathbone Trust (Singapore) Pte. Limited ('RTSPL') has been sold to STC Group Ltd., a company established and owned by the local management of RTSPL. On completion the gross assets of the business were £0.8m and the net assets were £0.3m.

Rathbone Trust Company (BVI) Limited (“RTCBVI”) has been sold to Hudsun Holdings Limited, a company established and owned by the local management of RTCBVI. On completion the gross assets of the business were £0.5m and the net assets were £0.2m.

These transactions complete the disposal of Rathbones' offshore trust businesses, which were effected in the light of the changing climate for the use of offshore structures and services, and a belief these businesses are best owned offshore by their management. 

Rathbones' UK-based tax and trust business (Rathbone Trust Company Limited) and the investment management business in the Channel Islands (Rathbone Investment Management (C.I.) Limited, trading as Rathbone Investment Management International) continue to be very important parts of Rathbones' investment and wealth management services for private investors and trustees.

Belinda Barnes

Corporate Projects Executive

 

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