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Rathbone Brothers in talks to buy Scottish wealth manager Speirs & Jefferey

Published: 07:37 09 Apr 2018 BST

money
Rathbone said there can be no certainty that an offer will be made

UK investment management firm Rathbone Brothers PLC (LON:RAT) has confirmed media reports that it is in talks to buy Scottish rival Speirs & Jefferey.   

Rathbone said in a statement on Monday that there can be no certainty that a binding offer for Speirs & Jeffrey will be made and it will make a further announcement when appropriate.

The announcement follows a Daily Telegraph report over the weekend that Rathbone and private equity business Permira were preparing a bidding war for Speirs & Jefferey in an estimated £200mln deal.

Last year Rathbone and Permira’s majority-owned wealth manager, Tilney, were embroiled in a bidding war for Smith & Williamson.

READ: Smith & Williamson resumes plan to float after merger talks with Rathbone Brothers collapse

Speirs & Jefferey, a stockbroker and wealth manager, is understood to have appointed advisers at Spencer House Partners to help it find a buyer.

The Scottish firm, run by chief executive Russell Crichton, manages about £5.5mln of assets for trusts, individuals, pension funds and families.

It posted revenues of £5.3mln and pre-tax profits of £9mln in 2017. 

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