Rathbones Group Plc, a UK-based investment management firm, has announced its acquisition of Investec Plc’s UK wealth and investment unit in an all-share deal worth approximately £839 million.
The acquisition will create a leading wealth manager in the country, with an estimated £100 billion in funds under management and administration. Investec will become Rathbones’s largest shareholder, holding a 41.25% economic interest and securing two seats on the board.
Rathbones Chair Clive Bannister expressed enthusiasm about the deal’s scale and the benefits it will bring to clients and colleagues, as well as supporting future growth and value creation for Rathbone’s shareholders.
“This is a transformative acquisition for Rathbones that will deepen our capabilities and broaden our offering to clients,” said Bannister. “We believe that the combination of our businesses will create a leading UK wealth manager that is strongly positioned to deliver enhanced value for our clients, shareholders and colleagues.”
In other news, Saga Plc, the UK-based provider of insurance, travel, and healthcare services, expects to return to profit this year in its travel business. Renewi Plc, a UK-based waste management company, anticipates year-end profits to be slightly above market expectations.
However, the country also mourns the loss of Nigel Lawson, former chancellor of the exchequer, who passed away at the age of 91. His death is a great loss for the UK and the world of politics.
Meanwhile, ahead of May’s local elections, Keir Starmer’s Labour Party promises to increase police presence to combat criminal damage. The pledge comes after a wave of vandalism and destruction swept across the country, causing concerns about public safety and property damage.
Finally, in the mining industry, Teck Resources Ltd has rejected Glencore Plc’s unsolicited proposal and plans to separate its metals and coal divisions, entertaining offers from potential suitors after the steelmaking coal business spinoff is complete. The move could potentially lead to increased competition and consolidation within the sector, with both Teck and Glencore seeking to position themselves as leaders in the industry.