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Rathbones Eyes Scottish Acquisition
Tom Burroughes
10 April 2018
. 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.)
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.