Rathbones abandons its plans for £2bn tie-up with rival wealth manager Smith & Williamson



A £2billion merger between two wealth managers has been called off.
Listed business Rathbone Brothers sought to buy privately-owned rival Smith & Williamson, which would have created a major new player overseeing £56billion of customers' assets.
But after announcing talks last week, Rathbones said the deal would not go through and would take a £5million hit from the costs of the failed attempt.
In a statement after markets had closed last night, chief executive Philip Howell said: 'The combination was intended to accelerate Rathbones' existing strategy, but ultimately we were unable to... read more

 
31 August 2017 in Business, Views: 41
Source: Daily Mail
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