On Thursday, Rathbones announced the completion of its £839 million merger with Investec Wealth & Investment UK (Investec W&I UK), establishing itself as the UK's leading discretionary wealth manager with approximately £100 billion of funds under management and administration.
The enlarged wealth manager will operate under the Rathbones brand, excluding the Switzerland-based Investec Bank and Investec Wealth & Investment International. As a result of the merger, Investec Group now owns 41.3% of the enlarged Rathbones Group with 29.9% voting rights.
Rathbones CEO Paul Stockton expressed optimism about the merger's potential. "Rathbones' combination with Investec W&I UK presents many exciting future opportunities," he said. "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."
Investec has nominated Ruth Leas, CEO of its banks division, and Henrietta Baldock, an existing non-executive director at Investec, as non-executive directors for Rathbones. Leas brings 25 years of experience at Investec, having been appointed bank CEO in 2019. Baldock currently serves as an independent non-executive director on the boards of Investec Limited, Investec PLC and Investec Bank, along with directorships at Hydro Industries Limited, Legal and General Assurance Society Limited, and Legal and General Group.
This follows a previous announcement that Ciaran Whelan will represent Investec on the Rathbones board, continuing to play a senior role in the integration process.
The merger was approved by shareholders in June, with 94.4% of votes cast in favor. The deal had been announced in April with an implied equity value of approximately £839 million for Investec W&I UK.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.