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Rathbones to drop Speirs name after £104m merger

Rathbones to drop Speirs name after £104m merger

Rathbones is to drop the Speirs & Jeffrey name following its £104 million acquisition of Scotland's biggest independent wealth manager.

The business will continue to trade under the 112-year old brand for a 12 month merger period before rebranding as its new parent company.

Rathbones chief financial officer Paul Stockton (pictured) said: 'There are no plans for any rapid change, this is a long term deal and we are looking to extract synergies over the next two to three years.'

All of Speirs & Jeffrey's current directors and investment managers will be joining Rathbones, with its current chief executive Russell Crichton becoming overall head of Rathbones' Scottish business.

Stockton added that some duplicated back office roles may be cut. Rathbones' current Glasgow office will be physically combined into Speirs' larger space in the city.  

The company has announced that it is to raise £60 million in new equity to help fund the deal and will pay £79 million upfront.

By late morning, shares in the business were 0.1% lower at £24.98. 

The deal, for Scotland’s largest independent wealth manager, adds £6.7 billion to Rathbones' client assets, lifting them by 18% to £44.5 billion.

Rathbones last dipped its toe into the M&A market in 2015, when it acquired independent financial adviser network Vision.

Prior to that, it bought Taylor Young Investment Management’s (TYIM) private client business in 2012 for £10 million.

 

 

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