Rathbones to pay £15m to end Jersey trust battle

clock

Wealth manager Rathbone Brothers has agreed to pay £15m as part of a conditional settlement to end a two-year dispute involving a former director which has already cost it £5m in legal fees.

The case began after a claim was filed in 2012 against a former director of Rathbone Trust Company Jersey Ltd, owned by Rathbones between March 2000 and October 2008. It was centred on the management of a Jersey trust which saw the assets underperform expectations. Rathbones did not choose or manage the investments. Rather, the claim was filed against trustees including the former Rathbones employee because an underlying investment performed poorly. In November the judge ruled in favour of Rathbones and its former employee, confirming he was covered by the insurance policy for any ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Infrastructure: A good investment gone bad – and then good again?

Infrastructure: A good investment gone bad – and then good again?

'Infrastructure - a victim of a unique set of circumstances'

Darius McDermott
clock 02 May 2024 • 5 min read
Investment opportunities 'differ by client age group'

Investment opportunities 'differ by client age group'

‘Advisers should consider personal circumstances when it comes to investment’

Isabel Baxter
clock 02 May 2024 • 1 min read
Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 02 May 2024 • 2 min read