AGF Management, the C$35 billion Canadian fund manager which owns 32.3 percent of Smith & Williamson (S&W), said it would not confirm or deny market rumours about a potential change in its investment in the UK firm.
But it confirmed that S&W is in exclusive discussions with Rathbones Brothers regarding a possible merger of the two companies.
"While these discussions are ongoing, there can be no certainty these will lead to a transaction. As such, AGF does not intend to make any further press release or announcement regarding these matters unless and until a binding, definitive transaction agreement is entered," it said, in a statement.
It has been widely reported that AGF is seeking to divest itself of that S&W stake.
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