Rathbone Brothers, the UK-based private client group, has withdrawn from its bid to buy Rensburg, the wealth manager that is in the process ...

Rathbone Brothers, the UK-based private client group, has withdrawn from its bid to buy Rensburg, the wealth manager that is in the process of merger talks with Investec, the South African bank. Rathbones has withdrawn in the face of Rensburg's continued rejection of its offer. Mark Powell, chairman of Rathbone, said in a statement: “We will continue to pursue our existing strategy of developing our investment management and wealth management businesses organically, as well as by selective acquisitions and recruitments where these are culturally compatible and demonstrably earnings enhancing to Rathbones' shareholders.” He added: “We have the management strength, systems capacity and operational capability to accommodate a significant increase in client numbers and funds under management. As the results for the year to Dec. 31, 2004 showed, Rathbones' financial performance has been excellent and the organic growth of funds under management is most encouraging in the first three months of 2005.”