The board of Rathbone Brothers Plc today announces that it is to acquire 100% of the issued share capital of Speirs & Jeffrey Limited, Scotland’s largest independent wealth manager.
Spiers & Jeffrey have funds under management of £6.7 billion and 38 investment professionals, all of whom are working as executive directors of the business.
The company has operated as an independent investment management firm for over a century and has established many long term client relationships, with nearly three quarters of clients having been with the company for over 10 years.
All of Speirs & Jeffrey’s current directors and investment managers will be joining Rathbones and Speirs & Jeffrey CEO Russell Crichton will become the Head of Rathbones’ Scottish business. Rathbones’ Glasgow team will combine with Speirs & Jeffrey to consolidate Rathbones’ existing Glasgow presence.
Speirs & Jeffrey shares a strong cultural alignment with Rathbones, particularly in relation to its investment process and proposition. Speirs & Jeffrey’s circa 8500 clients will benefit from access to Rathbones’ broader product and service offering including lending, financial planning and dedicated specialist offerings such as Rathbones’ charities team and ethical investment capability.
Rathbones is a consolidator within the wealth management industry, with a long track-record of successful acquisitions of culturally aligned businesses with a shared focus on their clients and people.
In line with its stated strategy, Rathbones has been growing its core private client discretionary investment management business both organically and by acquisition.
The acquisition will enable Rathbones to establish a much stronger presence in Scotland, with Glasgow becoming the Group’s largest office after London following the transaction.
The transaction will also further enhance Rathbones’ position as one of the UK’s largest wealth managers with pro-forma funds under management of £44.5 billion. This will allow the enlarged entity to capture further scale benefits from ongoing investment in technology and the management of regulatory change for the benefit of its clients, staff and shareholders.
Under the terms of the transaction, Rathbones will pay an initial cash and share consideration of £104 million.