Concept
Rathbones Group Plc is the UK's largest private wealth-management house, listed on the LSE (RAT, FTSE 250). Type: an investment manager with a banking licence inside: deposits are taken by Rathbones Investment Management Limited (a licensed deposit taker, PRA/FCA). Founded in Liverpool in 1742. Since the combination with Investec Wealth & Investment (all-share, ~£839m, completed September 2023) Investec holds a 41.25% economic interest with voting capped at 29.9%. The CEO is Jonathan Sorrell (since 2025, succeeding Paul Stockton).
History and evolution
The Rathbones' Liverpool trading house dates to 1742; in 1912 it moved from trading to financial management; listed on the LSE. Growth through acquisitions: Speirs & Jeffrey (Scotland, 2018), Saunderson House (2021). The biggest step was the combination with Investec's UK wealth business: ~55,000 clients migrated by mid-2025, with £76m of annualised synergies beating the target. In October 2026 it received a Central Bank of Ireland licence — the Dublin entity opens access to EU clients.
Funds under management and administration stood at £120.7bn at 30 June 2026 (+10.7% y/y); over 100,000 clients, ~3,300 staff, 21 offices.
Regulation
- PRA / FCA — Rathbones Investment Management Limited (banking and investment licences);
- FCA — Rathbones Asset Management Ltd (funds);
- JFSC — Rathbones Investment Management International Ltd (Jersey); the Guernsey point is Investec legacy;
- Central Bank of Ireland — Rathbones Ireland (MiFID licence, October 2026).
Source of funds and compliance
Onboarding runs through an adviser: identification, beneficial owners, source of funds. Dated and material: in June 2026 an FCA Skilled Person Review (s.166) found weaknesses in Consumer Duty embedding and controls, and the group voluntarily paused onboarding of new enhanced-due-diligence clients for up to 12 months plus inflows for ~4,700 existing EDD clients; this is a regulator-requested measure, not enforcement, with an estimated £60m cost over two years. No fines were imposed.
Who it serves
- UK: officially — the Managed format from £150,000, Bespoke from £300,000;
- Jersey/Guernsey: officially — Managed from £250,000, Bespoke from £500,000;
- Private Office for UHNW — from £5m;
- non-residents — via Jersey/Guernsey and the new Irish entity for the EU;
- charities — a historic niche (3,000+ clients, portfolios from £10k to £100m+); personal-injury and Court of Protection work.
Services
Wealth management
- discretionary (Bespoke/Managed) and advisory management; a restricted-advice model;
- funds: UK unit trusts/OEICs and Luxembourg SICAVs; the Greenbank ethical line.
Banking and lending
- client deposits and portfolio-secured lending up to 50% LTV (GBP/USD/EUR/CHF);
- fuller banking (accounts, mortgages, FX) — referred to Investec Bank.
Trusts and planning
- Rathbones Trust Company and Rathbones Legal Services: trusts, estates, tax;
- financial planning (the Saunderson House legacy) and the charity line.
Entities and booking centres
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| UK | Rathbones Investment Management Ltd (21 offices) | PRA/FCA (deposit licence) | domestic market |
| Jersey | Rathbones Investment Management International Ltd | JFSC | offshore servicing of non-residents |
| Guernsey | office (Investec W&I Channel Islands legacy) | GFSC | island servicing |
| Ireland | Rathbones Ireland, Dublin | Central Bank of Ireland (licensed October 2026) | EU entry |
Strengths
- the UK's largest wealth platform with a banking licence inside;
- scale from the Investec deal with delivered synergies;
- niches competitors lack: charities, Court of Protection, the Greenbank ethical line;
- a fresh EU entry via Dublin.
Where it does not fit
- clients who need a full bank (mortgages, currency accounts) inside one entity — that is a referral model via Investec Bank;
- those planning to onboard within a year under enhanced diligence: new EDD-client onboarding is paused until mid-2027;
- fortunes below £150,000;
- clients in Asia or the Americas — the presence is UK-Islands-EU.
Rathbones after the Investec deal is the UK's wealth giant with a banking licence inside and a fresh EU entry; the coming year sits under the shadow of the FCA review and the EDD onboarding pause.
Q/A
Entry and format
What minimum capital does Rathbones require?
Officially: Managed from £150,000, Bespoke from £300,000 (on the islands — £250,000/£500,000), the Private Office for UHNW from £5m. The fund line starts at £1,000. Portfolio-secured lending starts at £50,000.
What does the EDD onboarding pause mean?
Following the FCA's Skilled Person Review, Rathbones will not take on new enhanced-due-diligence clients until mid-2027 and has restricted inflows for some existing ones. Ordinary client service is unchanged; the measure is voluntary and no fines were imposed.
What does the deposit guarantee cover?
Deposits at Rathbones Investment Management Limited — FSCS £120,000 (temporary high balances up to £1.4m), a shared limit across group brands. Securities are segregated under CASS. Jersey/Guernsey operations sit outside the FSCS.
The Investec deal
Who owns Investec's UK wealth business now?
Rathbones: the 2023 combination (~£839m) moved ~55,000 Investec Wealth & Investment UK clients into Rathbones; Investec received a 41.25% economic interest (voting capped at 29.9%). The deal excluded Investec Bank (Switzerland) and the international IW&I business — see the article on Investec.
Does Rathbones have a bank?
Not a separate bank — a banking licence inside: the deposit-taking entity is Rathbones Investment Management Limited (PRA/FCA). Client cash therefore sits on the group's balance sheet with FSCS protection, while full banking functionality runs through the Investec Bank partnership.