Rathbone Brothers' wholly-owned principal subsidiary Rathbone Investment Management Limited has agreed to purchase private client and charity investment management business Jupiter Private Clients for £43.1m.
The deal to acquire part of the Tilney business, which is part of Deutsche Asset & Wealth Management, is worth £14.3m and on a pro-forma basis, Rathbones' funds under management will increase by approximately 12.7% to £24.8 billion.
The agreements will involve 28 staff moving to Rathbones.
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Rathbones' funds under management were £22.0 billion at 31 December 2013. Philip Howell, chief executive of Rathbone Brothers, said: "The acquisitions of these businesses from Jupiter Asset Management and Tilney Investment Management are an excellent fit.
"They demonstrate the merits of Rathbones to both clients and investment management teams, as well as our ability to capitalise on earnings-enhancing acquisition opportunities to grow our business.
"We expect to see more acquisition opportunities in the private client industry in the short to medium term. Raising capital now will give us flexibility to continue to take advantage of similar opportunities as they arise."