Rathbones takes on £568m of assets

RATHBONES yesterday confirmed that 16 fund managers and £568 million of assets under management have been transferred to its Edinburgh office from Bank of Scotland under a deal struck with Lloyds Banking Group last year.

Last October, Rathbones agreed to take on private client funds from BoS's portfolio management service. Under the arrangement, it was - unusually - agreed that Rathbones would not be charged an upfront fee but would only pay for funds once they were transferred from BoS's portfolio management service. BoS clients were, however, under no obligation to change.

Rathbones said yesterday that 3,000 former BoS clients have transferred to its Edinburgh office, bringing total funds under management at its capital base to 1.75 billion as of 30 June.