UPDATE 1-Rathbone Brothers raises capital for acquisitions
* Placing 2 million shares to raise 24.2 mln stg
* Acquires Taylor Young's UK private client business for 10 mln stg
LONDON Nov 7 (Reuters) - Upmarket British wealth manager Rathbone Brothers is seeking to raise at least 24.2 million pounds in new capital which it will use to fund acquisitions and loans to clients.
The company said it will place 2 million shares - or around 4 percent of its market capitalisation - on Wednesday in an offer run by broker Canaccord Genuity.
Rathbones also said it will buy the UK private client investment management business of Taylor Young Investment Managament for up to 10 million pounds, adding 337 million pounds in assets under management.
The acqusition is not dependent on the placing, Rathbones said.
"We expect to see more acquisition opportunities in the private client industry in the next few years. Raising capital now will give us the flexibility to take advantage of these opportunities as they arise," Chief Executive Andy Pomfret said.