Rathbones has agreed to purchase rival Investec Wealth & Funding UK for £839mn to create a wealth supervisor overseeing £100bn of belongings.
The all-share acquisition consists of Investec’s wealth and funding companies within the UK and Channel Islands however excludes Investec Financial institution based mostly in Switzerland and the worldwide wealth arm, each of which stay wholly-owned subsidiaries of Investec Group.
The enlarged firm will proceed to commerce underneath the Rathbones model.
Clive Bannister, chair of Rathbones, stated the deal “will create the UK’s main discretionary wealth manager”.
He added: “Working at scale permits the group to supply an much more enticing proposition to shoppers and colleagues, supporting future progress and creating vital worth for Rathbones’ shareholders.”
