Rathbones has entered into a new partnership deal with Credit Suisse, as it bids to expand its private client business.
Rathbones chairman Mark Nicholls revealed the deal with Credit Suisse on Wednesday at the company’s annual general meeting, which coincided with the release of the company’s first quarter results.
Also during the AGM, Nicholls signaled that the company “remains alert” to acquisition opportunities.
The firm said the arrangement with Credit Suisse will enable its Rathbone Private Office operation to offer a wealth advisory service that has access to a full range of specialist private banking products, services and loans.
“Our growth initiatives remain important for us, to maintain our position as a leading discretionary wealth manager,” said Nicholls (pictured). “Accordingly, the board has decided to pursue these longer term initiatives, in spite of our expectation that markets will continue to lack direction in the short term.
“Rathbones remains alert to acquisition opportunities that may arise as a consequence of these market conditions.”
In its results statement, Rathbones reported that it had marginally grown total funds under management to £29.3bn at the end of the first quarter, up 0.3% from £29.2bn at the end of 2015 and up 1.4% from £28.9bn a year ago.