UK wealth manager Rathbones has secured an Irish licence to set up an EU hub to target clients in the Republic and across the bloc.
The firm is known to be particularly keen to use the Irish Markets in Financial Instruments Directive licence to tap UK expatriate networks.
It highlighted in a press release on Wednesday that its research has shown nearly 6,000 “high-growth entrepreneurs” had left the UK between 2024 and 2026.
[ UK wealth manager Rathbones advances plan for EU hub in DublinOpens in new window ]
The licence enables Rathbones, through its Dublin-based European entity, Rathbones Ireland, to serve new and existing clients here and across the EU. It marks an important step in strengthening the group’s international capabilities, supporting its long-term growth ambitions, it said.
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“People’s lives no longer fit neatly within national borders. Careers, families, businesses and investments increasingly span several countries – and wealth management has to move with them,” said Camilla Stowell, chief executive of wealth at Rathbones.
“Securing our Irish licence is therefore central to what we do. It gives Rathbones a firm base from which to support clients in Ireland and across the EU, combining local presence with the investment expertise, financial planning and personal relationships of the wider group.”
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Rathbones Ireland is led by managing director Dolores Geaney, a financial sector compliance veteran.
Geaney has 30 years of experience in global financial services, including leadership roles at Davy, Investec and more recently with Wells Fargo International.
The Central Bank of Ireland authorisation comes less than four months after Rathbones’s UK operation paused taking on certain higher-risk clients in the wake of a review prompted by engagement with the UK financial conduct watchdog.
The London-based firm said that it was pausing taking on new clients that require “enhanced due diligence” – or potentially higher-risk clients – as it focuses on implementing changes in procedures and controls. In the 12 months before the pause, the firm received £370 million (€437 million) from such clients to manage.
[ Household wealth in Ireland hits record €1.4tnOpens in new window ]
Rathbones had £115.6 billion of funds under management and advice at the end of last year. It started as a family-run timber merchant in 1742, and by 1912, it focused entirely on managing clients’ wealth.
Ireland’s wealth management industry has gained significant momentum in recent years. AIB and Bank of Ireland expanded their offerings through the purchases of Davy and Goodbody between 2021 and 2022, while several UK-based firms are launching operations in Ireland to support UK clients residing across the EU.
The Irish units of the likes of RBC Brewin Dolphin, Gresham House and Quilter Cheviot have also invested heavily in developing their businesses.
