Rathbones and Investec W&I complete merger to create £100bn wealth manager
Paul Stockton (pictured) is CEO of Rathbones.
Investec W&I will now operate under the Rathbones brand with Investec Group as a long-term, strategic shareholder. As previously announced back in April, the deal implied an equity value of approximately £839m for Investec W&I UK.
The transaction was approved by shareholders in June, with 94.4% of votes cast in favour of the merger and 5.6% against, according to a regulatory filing.
Investec W&I UK merges with Rathbones in £839m deal
Paul Stockton, group CEO of Rathbones, said Rathbones' combination with Investec W&I UK presents «many exciting future opportunities».
«Completion represents the start of a journey to bring both businesses together, delivering a high-quality range of services to clients and offering employees the chance to grow and develop within the enlarged Rathbones group,» he said.
«The strategic and financial rationale behind the combination is compelling and I thank all teams at Rathbones, Investec W&I UK and Investec Group for their dedication to achieving this milestone. I look forward to achieving the benefits to be realised for our clients, colleagues and shareholders.»
Rathbones shareholders give green light to Investec W&I merger
Following the combination, Investec now has an economic interest of 41.25% in Rathbones' enlarged share capital.
As part of the deal, Investec was entitled to nominate two non-executive directors to Rathbones' board. Following regulatory approval, the appointees are Ruth Leas, CEO of Investec Bank, and Henrietta Baldock, non-executive director of Investec Group and Investec W&I UK.
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