With some large wealth management groups building operations in Scotland, it turns out that London-listed Rathbone Brothers wants to acquire a firm based there.

Rathbone Brothers, the UK wealth manager, yesterday confirmed speculation it is looking to buy Scottish firm Speirs & Jeffrey.

The firm was not certain a binding offer for the business will be made and would make a further comment when appropriate, according to a statement on the London Stock Exchange.

At the weekend the Daily Telegraph reported Rathbone and private equity business Permira were preparing bidding for the business in deal worth £200 million ($246 million).

London-listed Rathbones may be keen to pull off a success this time after it tussled with Tilney – which is majority-owned by Permira – to acquire UK wealth manager Smith & Williamson. Rathbones 
Speirs & Jeffrey, a stockbroker and wealth manager founded in 1906 and headquartered in Glasgow, is understood to have appointed advisers at Spencer House Partners to help it find a buyer, media reports said. 

The Scottish firm oversees UK and international equity and fixed interest investments, serving clients including individuals, families, trusts, charities, pension funds and institutions.

Scotland has seen a number of big-hitter wealth managers flex their muscles recently, as in the case of Switzerland's Julius Baer and UBS building out presences in the country. (See here and here.)