Rathbone Brothers sells Jersey operation for 23.5 mln stg

LONDON, Oct 15 (Reuters) – Rathbone Brothers Plc, the fund management and wealth management services provider, said Wednesday it had completed the sale of its offshore trust operations in Jersey to Hawksford Holdings Ltd for an initial 23.5 million pounds ($41.23 million).

Hawksford is a company formed by the existing trust management team and Dunedin, the UK mid-market private equity house.

In addition, there is deferred consideration of unsecured subordinated loan notes with an initial issue value of 5.0 million pounds.

Rathbone has also entered into an agreement with Hawksford to sell its Singapore-based trust company. On completion of this sale, Rathbone said it will receive a further cash consideration of 500,000 pounds.

(Reporting by Malcolm Locke; Editing by Rosalba O’Brien) ($1=.5700 Pound) Keywords: RATHBONE BROTHERS/