Rathbones CEO Paul Stockton has said the planned £839m merger with Investec W&I, its biggest acquisition to date, is about “recognising a need for scale in the industry”, especially to beat the impact of higher costs due to inflation.
Rathbones and Investec W&I today (4 April) announced plans to merge to create a combined discretionary wealth manager with £100bn in investor assets, under the Rathbones brand. Under the terms of the merger, which is being called a ‘combination' by the two companies, new Rathbones shares will be issued in exchange for 100% of Investec W&I UK's share capital, and implies an equity value of approximately £839m for Investec W&I UK. Speaking on a call following the announcement, Stockton said while part of the rationale of the deal was about "finding a strategic partner in delivering long...
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