Investment management firm Rathbones has confirmed it is in negotiations to buy Glasgow-based rival Speirs & Jeffrey.
“The Board of Rathbone Brothers Plc (“Rathbones”) notes the recent press speculation regarding Speirs & Jeffrey Limited (“Speirs & Jeffrey”). Rathbones regularly assesses various acquisition opportunities in line with its stated strategy and accordingly confirms that discussions between Rathbones and Speirs & Jeffrey in relation to a possible acquisition of Speirs & Jeffrey by Rathbones are taking place,” Rathbones said in a stock market statement.
However, Rathbones also indicated that there is no binding offer has been made and that the possibility of a deal is still uncertain.
The confirmation is in response to a speculation by The Telegraph, which said that Rathbones and private equity firm Permira are preparing bids for the Glasgow-based firm.
Speirs & Jeffrey, set up in 1906, oversees portfolios worth around £5.5bn for individuals, families, trusts, charities, and pension funds. According to the report, the deal is expected to be valued at around £200m.
Rathbones and Permira also competed for Smith & Williamson last year, and in August 2017, Rathbones confirmed exclusive merger talks with rival Smith & Williamson. However, the plan was scrapped after the companies failed to agree terms.