Speirs & Jeffrey name to go after £104m Rathbones swoop

Scotland’s largest independent wealth manager, Glasgow-based Speirs & Jeffrey, will change its name having been acquired by Rathbones in a £104 million takeover.

Speirs & Jeffrey, which has funds under management of £6.7 billion, will be subsumed in a deal that sees an initial consideration of £104 million comprising £79 million cash and £25 million through the issue of new Rathbone shares.

Rathbones is also lining up a £60 million equity raise to help fund the deal.

The deal is subject to approval by the FCA and is expected to complete in the third quarter of 2018.

Rathbones group finance director Paul Stockton said Speirs & Jeffrey will drop its name and Rathbones will move its Glasgow office into the Speirs & Jeffrey building once the deal goes through, creating the company’s second-largest office.

Mr Stockton said: “Growth will enable us to continue to invest in our business and effectively meet the ever-increasing demands of regulatory change.

“But it is not growth for growth’s sake – it is very important to pick a partner that is culturally aligned and has a similar mindset.”

He added: “Part of our strategy is to get inorganic growth but our focus in the short term we will be making sure the experience of Speirs & Jeffrey clients as well as our own is paramount.”