RathbonesGroup Plc agreed to buy the UK wealth management business of Investec Plc in an all-share deal valued at £839 million. Moneyweb BusinessNews
Rathbones Group Plc agreed to buy the UK wealth management business of Investec Plc in an all-share deal valued at £839 million. Investec will be a minority shareholder in the enlarged Rathbones entity, with 41.25% stake and 29.9% voting rights, according to a statement Tuesday. The combination will create a wealth manager with about £100 billion in funds under management and administration, the companies said.
Under the terms of the agreement, Rathbones will issue new shares in exchange for 100% of Investec Wealth & Investment Ltd.’s UK business and Rathbones. The enlarged Rathbones Group will remain an independent company operating under the Rathbones brand out of the London office, with Investec as a long-term, strategic shareholder.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rand on shaky ground as oil prices jumpAnnabell Bishop, the chief economist for Investec says that the rand is remaining volatile.
Read more »
Investec Property Fund gets thumbs up for asset management function planIPF reduces cost of internalising its asset management function from R975m to R850m with new mechanism
Read more »
Join the mySowetan community and you could win your share of R50,000Join the mySowetan community and you could win your share of R50,000: SPONSORED | Download the Sowetan's interactive new app, register, say HolaMySowetan and you'll stand a chance to score a cash prize
Read more »
Join the mySowetan community and you could win your share of R50,000To celebrate the launch of the mySowetan app, the Sowetan is giving 10 lucky readers the chance to each win R5,000. Download the app and enter now. HolaMySowetan
Read more »