Rathbone Brothers PLC (LON: RAT) have announced to shareholders that they will acquire the personal industry and court of protection business of Barclays Wealth (LON: BARC).

Rathbone Brothers Plc is a UK provider of personalized investment management and wealth management services for private investors and trustees.

This includes discretionary investment management, unit trusts, tax planning, trust and company management, pension advice and banking services.

Shares of Rathbone currently trade at 2,140p. 28/11/19 11:00BST.

This morning, the Rathbone Investment Management Ltd sector of the firm announced it had reached an agreement to acquire Barclays Wealth for an undisclosed fee.

Barclays Wealth is a sub unit of FTSE100 (INDEXFTSE: UKX) lender Barclays.

The timing of the sale does come as a surprise. In August, Barclays reported an 82% rise in interim profits. This may suggest that the price offered may have been too tempting to resist.

Shares of Barclays dipped 0.046% after the announcement to 174p. 28/11/19 11:02BST.

The business being acquired comprises £500 million in funds under management, being managed on behalf of 600 clients and their deputies and trustees. A team of 10 individuals will join Rathbones’ at completion of the deal, expected in the second quarter of 2020.

The acquisition will be funded from existing capital resources, London-based Rathbone said, and is consistent with the company’s plan of penetrating specialist markets.

At the end of October, Rathbone brothers gave shareholders a warning about low profits, which sunk shares.

However, the firm with the new acquisition has seemed to satisfy shareholders in an attempt to stimulate business in a tough market.

The acquisition comes at a good time, where firms in the industry such as HSBC (LON: HSBA) and Lloyds (LON: LLOY) have struggled in the market.

Paul Stockton, Rathbone chief executive, said: “The personal injury and court of protection sector is an attractive specialist part of the UK wealth management market. The Barclays Wealth team are highly experienced and have a strong set of relationships in their sector. We’re delighted that they are joining us to complement our existing specialist capability.”