* Placing 2 million shares to raise 24.2 mln stg
* Acquires Taylor Young's UK private client business for 10
LONDON Nov 7 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
"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.