Rathbones confirms acquisition of Speirs & Jeffrey

In an official statement released this morning, the group announced it is to acquire 100% of the issued share capital of Speirs & Jeffrey, Scotland's largest independent wealth manager. The deal, which is subject to approval by the FCA and is expected to complete in the third quarter of 2018, will increase Rathbones' pro forma funds under management by 18% to £44.5bn. An initial consideration of £104m has been made, which comprises of £79m cash (funded from a combination of internal cash resources and proceeds from a proposed £60m equity placing) and the issue of one million new Rathb...