According to Mike Webb, CEO Rathbone Unit Trust Management, the acquisition reinforces the firm’s on-going commitment to intermediary distribution.
“Vision’s independent status will remain intact, securing an unequivocal focus on clients’ interests and suitability,” he said.
The firm, which bought its initial 19.9% stake in the Vision Group for £2m in 2012, will pay an initial payment of £5m, plus the net asset value of the acquired businesses on completion of the deal and a further payment of up to £13m between completion and 2013, dependent on growth and operational targets. According to Rathbones, the net asset value payment will be made in cash, while all others will consist of 80% cash and 20% new Rathbones shares.
The deal also includes Vision Independent’s sister company Castle Investment Solutions which provides the advice firm with administrative services.
At the end of August 2015, Vision had £925m in assets under advice spread across 78 advisers.
