Rathbone Brothers acquires Vision Financial Planning for $29 million


Rathbone Brothers has acquired IFA network Vision Independent Financial Planning for a deal of $29 million. The deal consists of Vision sister company Castle Investment Solutions, which provides Vision with administrative services.

Rothbone Brothers

Vision Financial Planning is an IFA firm focused on high-net-worth private clients. As of 31st August, it had more than $1000 million of assets under advice with 78 advisers across the UK. Vision Group founders Roger Edwards and Paul Sweaton say: “We are delighted to have secured the further backing of such a prestigious company as Rathbones, and one with which we share so many values. He added, “It was vitally important to us that any future partner understood the unique Vision culture and ethos that exists within our business, and we look forward to continued growth under new ownership.”

Rathbones is purchasing the remaining 80.1% stake in Vision after it acquired a 19.9% stake in the group in October 2012. The acquisition seems to be part of Rathbones’ strategy of broadening its distribution and accessing a bigger share of new business intermediated by financial advisers. Rathbones chief Phillip Howell said, “Our decision to acquire the Vision Group is a reflection of its proven ability to grow and the strong relationship we have built up in the last five years. We very much look forward to sharing in its continued success.”

The company’s distribution head Mike Webb said, ” The acquisition of this high quality financial advice network reinforces our ongoing commitment to intermediary distribution. Vision’s independent status will remain intact, securing an unequivocal focus on clients’ interests and suitability.”

Further to the deal, Vision would remain independent. Under the terms of the deal, the initial payment will be around $7 million plus the net asset value of Vision when the deal completes. The balance payment of $15 million would be paid when the deal concludes and based on the performance and growth targets.