Rathbones completes acquisition of Speirs & Jeffrey
Rathbone Brothers has completed the acquisition of Speirs & Jeffrey, Scotland’s independent wealth manager with funds under management of £6.7bn and a team of around 150 people, including 38 investment professionals, following receipt of regulatory approval.
Speirs & Jeffrey represents a strong cultural and operational fit for Rathbones, with a heritage and philosophy very similar to our own. S&J is market-leading in Scotland and, like Rathbones, their approach places clients at the heart of everything they do.
An initial payment of £104m for the acquisition was satisfied through £79m cash and the issue of around 1m new ordinary Rathbones shares. The shares are locked up for three years from completion and would be subject to ongoing employment conditions for the sellers.
The deal to acquire 100% of Speirs & Jeffrey’s issued share capital was confirmed back in June.
This is an important milestone for Rathbones and we look forward to working with our new colleagues at S&J in continuing to provide our clients with an excellent service.