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Rathbones Group PLC on Thursday said it completed an all-share combination with Investec Wealth & Investment Ltd to create the ‘UK’s leading discretionary wealth manager’. Under the terms of the combination, London-based investment and wealth management firm Rathbone said it has now issued to Investec Bank PLC 27.0 million Rathbones shares representing 30% of enlarged share capital, plus 17.5 million convertible non-voting shares. As a result, Sandton, South Africa-based financial services firm Investec PLC and Ltd now has a 41% stake in Rathbones. Following completion, Rathbones said Investec is now entitled to nominate two non-executive directors for appointment to the Rathbones board. Investec informed Rathbones that it will nominate Investec Bank Chief Executive Officer Ruth Leas instead of former Investec W&I UK CEO Ciaran Whelan as indicated in June, meaning the appointments of Leas and Independent Non-Executive Director Henrietta Baldock have now taken effect, subject to regulatory approval. Investec said that Whelan will ‘continue to play a senior role in the integration process, utilising his extensive experience to help secure the ongoing success of this transaction’. Rathbones CEO Paul Stockton said: ‘Rathbones’ combination with Investec W&I UK presents many exciting future opportunities and creates the UK’s leading discretionary wealth manager with approximately £100 billion of funds under management and administration. ‘Completion represents the start of a journey to bring both businesses together, delivering a high-quality range of services to clients and offering employees the chance to grow and develop within the enlarged Rathbones group. The strategic and financial rationale behind the combination is compelling.’ Shares in Rathbones were flat at 1,722 pence each in London on Thursday morning. Investec shares were up 0.3% to 465.20p each in London and down 0.7% to R 106.62 in Johannesburg. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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