Rathbones Investment Management, the ninth-biggest charity fund manager, has bought Jupiter Asset Management Ltd’s private client and charity investment management business for £43.1m.

Rathbones manages around £2.6bn in charity funds and according to Charity Finance’s latest Charity Fund Management Survey it is the ninth-biggest charity fund manager in the country.  As at last June it had just fewer than 1,000 charity clients.

Jupiter ranks at 27 in the Charity Finance Fund Management Survey, with £359.3m of charity funds under management and 64 charity clients as of June 2013. The survey found it saw a sharp fall in charity funds under management, with a 34 per cent decrease since 2011. Conversely, Rathbones saw a 35 per cent increase in charity funds under management for the same period.

Separately, Rathbones has this week appointed Andrew Pitt as head of charities, London. Pitt will join on 11 June 2014. He was mostly recently head of charities at Newton Investment Management. Prior to this he held a similar role at UBS Wealth Management.