Investec Wealth and Rathbones tie-up gets green light from regulators
Investec confirmed today that the proposed merger of Rathbones and its Wealth & Investment arm has secured regulatory approval.
In a statement this morning, said “all regulatory clearances in connection with the combination have been received”.
The financial services firm said it expects the deal to be completed on 21 September provided the City regulatory and the London Stock Exchange agree to admit the shares of the newly combined entity to the premium listing segment of the stock exchange.
The deal also depends on there being “no material adverse change” at either Rathbones or Investec W&I.
Investec will have 29.9 per cent of the voting rights in the group’s enlarged share capital, which it said reflected its “commitment to the attractive UK wealth management sector”.
The two firms announced the £839m tie-up in April. The deal will create an “enlarged Rathbones Group” with £100bn in assets under management, making it one of the UK’s top money managers.
The terms of the deal will see Rathbones shares issued in exchange for 100 per cent of Investec W&I UK’s share capital.
The combined business will be run out of Investec’s Gresham Street UK headquarters.