Wealth manager Rathbones and investment management and tax advisory firm Smith & Williamson have confirmed that they are in merger talks.
Rathbones manages more than £36 billion of assets, while Smith & Williamson manages around £19 billion. Together they would boast more than 3,000 staff.
“Whilst these discussions have been underway for some time and the boards of both Rathbones and Smith & Williams are confident that the combination would bring meaningful benefits for the stakeholders of both businesses, discussions are ongoing and there can be no certainty any transaction will be agreed,” Rathbones said in a statement.
According to media reports, the deal would see Rathbones takeover Smith & Williamson with shares given to the latter’s employees – the majority shareholders.
FTSE-250 listed Rathbones is valued at around £1.4 billion, whilst eprivateclient Top Accountancy Firm Smith & Williamson is believed to be worth around £600 million.
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