Rathbone Investment Management, a wholly-owned subsidiary of wealth manager Rathbone Brothers, is set to acquire the personal injury and Court of Protection business of Barclays Wealth.
The acquisition, which is subject to regulatory approvals, will add approximately £500m to the firm's funds under management, with around 600 new clients joining the business.
A ten-strong team will also join Rathbones' existing specialist team upon completion of the deal, which is expected to take place in the second quarter of 2020.
The personal injury and court of protection sector is an attractive specialist part of the UK wealth management market"
The purchase, which is part of Rathbones' six strategic priorities for the business that include expansion into specialist markets, will be funded from existing capital resources.
Paul Stockton, CEO of Rathbones, said: "The personal injury and court of protection sector is an attractive specialist part of the UK wealth management market.
"The Barclays Wealth team are highly experienced and have a strong set of relationships in their sector. We're delighted that they are joining us to complement our existing specialist capability."
This article was first published by Investment Week, a sister title to International Investment.