* Buys private client ops from Jupiter Fund Management
* Also buys part of London business from Tilney AM
* Raises 24.4 mln stg in share placing
* Flags potential for more deals
(Adds quotes, detail)
By Simon Jessop and Chris Vellacott
LONDON, April 1 British wealth manager Rathbone
Brothers has boosted the amount of money it manages for
clients through two acquisitions and raised cash from investors
to help fund similar deals as the industry consolidates.
The group said on Tuesday that it had acquired Jupiter Fund
Management's private client and charity investment
business, as well as part of the London-based private client
wealth business of Deutsche Bank-owned Tilney Asset
The deals, for 43.1 million pounds ($71.8 million) and 14.3
million pounds, respectively, would increase Rathbones' assets
under management by 12.7 percent, it said.
Rathbones also said it had raised 24.4 million pounds
through a share placing to existing institutional investors of
1.34 million shares, or 2.9 percent of the company, and flagged
the likelihood of further deals in the near future.
The shares were placed at Monday's closing price of 1,814
"We expect to see more acquisition opportunities in the
private client industry in the short to medium term. Raising
capital now will give us flexibility to continue to take
advantage of similar opportunities as they arise," Philip
Howell, Chief Executive of Rathbone Brothers, said.
($1 = 0.5998 British Pounds)
(Reporting by Chris Vellacott. Editing by Simon Jessop and