Rathbone Brothers (Rathbones) has wrapped up the purchase of Scottish investment manager Speirs & Jeffrey following regulatory nod.
The stock-cash deal, announced in June this year, is valued at £104m. The deal consideration includes a cash payment of £79m and issue of 1 million new Rathbones shares worth £25m.
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The acquired entity has a workforce of around 150, which includes 38 investment professionals.
The deal will add £6.7bn in funds under management to Rathbones’ books.
At the time of the deal announcement, Rathbones CEO Philip Howell said: “From the outset of our engagement, both teams have recognised how compatible they are in culture, investment philosophy and dedication to client service.
“Speirs & Jeffrey represents an ideal strategic, professional and geographic fit with Rathbones and we look forward to working together both to develop our business in Scotland and deliver compelling returns for our shareholders.”
Speirs & Jeffrey CEO Russell Crichton added: “With our client-facing staff members committed to and enthusiastic about the future, clients will continue to enjoy the high level of personal service which has become the hallmark of our firm, but with the additional significant benefits of Rathbones’ scale, specialist expertise and deeper capabilities.”
