Investec PLC and the Rathbones Group PLC announced an agreement to combine the Investec Wealth and Investment Ltd.’s UK business with Rathbones. As part of the merger, Rathbones issued new shares to Investec in exchange for 100% of Investec’s share capital. Following the completion, Investec Group will own 41.25% of the enlarged Rathbones’s capital. This merger is said to result in a discretionary wealth manager with around 100 billion pounds ($124.17 billion) in funds under management and administration. This implies an estimated equity value of around GBP 839 million for Investec W&I UK.
Investec Group is a South African-based financial services firm that offers a variety of services including banking, asset management and wealth management. On the other hand, Rathbones is an independent company dedicated to financial planning, portfolio management and investment advice.
Michael Susin, the author of this article wrote about this merger for the Wall Street Journal. He holds an important senior role at the newspaper and has served in many top positions with worldwide media outlets. He has a track record of writing newsworthy articles about the financial services sector. He is also a columnist for Forbes and other magazines.