Rathbones kicks off £50m share buyback

(Sharecast News) - Rathbones Group launched a share buyback programme of up to £50m on Tuesday, with the stated aim of reducing the company's share capital. The FTSE 250 wealth management group said Merrill Lynch International had been appointed to manage the programme, and would make trading decisions independently of the company within pre-set parameters.

Purchases would be conducted in the open market and in line with the authority granted by shareholders at the annual general meeting in May.

The company said shares repurchased under the programme will be cancelled.

At 1223 BST, shares in Rathbones Group were down 1.3% at 1,820p.

Reporting by Josh White for Sharecast.com.