Matheson Investment is up for sale again only two months after a deal with Credit Suisse Private Ban...
Matheson Investment is up for sale again only two months after a deal with Credit Suisse Private Banking (CSPB) fell through, writes Jane Wallace.
Investment Week understands that the private client business is on the market for about £40m.
The Credit Suisse deal, scheduled for May, failed as CSPB decided at the very last minute that the two companies' cultures would not mix well. The situation was then complicated by the almost immediate departure of several CSPB relationship managers.
The £1.8bn under management at Matheson is mainly private client business, invested in equity portfolios. There is one unit trust, Matheson Portfolio, a fund of funds, and some pension portfolios which mainly target the top end of the market with a minimum initial contribution of around £1m.
The two sides of the business, stockbroking and fund management, were merged last year in a cost-cutting exercise.
Martin Henderson, finance director of Matheson & Co, said: "Neither Credit Suisse or ourselves made any announcements about any deal. We are not up for sale."
Matheson & Co, of which Matheson Investment is a subsidiary, specialises in general insurance.
It is ultimately owned by Jardine Matheson, an Asian conglomorate, which has businesses such as car dealerships, both in Asia and the UK, Asian supermarket chain Dairy Farm and hotel chain Mandarin.
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