UK-listed Rathbone Brothers said its sales of its  Singapore and BVI trust businesses have been completed through the route of management buyouts.

Rathbone Trust ( Singapore) Pte has been sold to STC Group, a company established and owned by the local management of RTSPL. On completion of the sale, the net assets were £300,000.

Meanwhile, Rathbone Trust Company (BVI)  has been sold to Hudsun Holdings, a company established and owned by RTCBVI’s local management. The net assets were £200,000 when the deal was completed.

“These transactions complete the disposal of Rathbones' offshore trust businesses, which were effected in the light of the changing climate for the use of offshore structures and services, and a belief these businesses are best owned offshore by their management,” Rathbone said in a statement.

It said its UK-based tax and trust business and the investment management business in the Channel Islands “continue to be very important parts of Rathbones' investment and wealth management services for private investors and trustees”, the firm added.