The Financial Conduct Authority (FCA) has approved the merger between Rathbones and Investec Wealth & Investment, but the deal now faces a shareholder vote.
The deal was first announced in April in a bid to "create the UK's leading discretionary wealth manager", Rathbones said yesterday (1 June). In a regulatory filing, Rathbones explained the deal is now subject to shareholder approval, which is set to take place at its general meeting on 23 June at Rathbones offices. The firm added the FCA had approved the combined prospectus and Class 1 shareholder circular in relation to the combination but had yet to approve the change in control application. For the merger to go ahead, shareholders who "together represent a simple majority of the...
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