Rathbones snaps up Investec wealth business in £839m deal

The combined wealth management businesses will have about £100 billion in funds under management.

Rathbones has snapped up the wealth and investment division of rival Investec Group in a deal worth about £839m (Philip Toscano/PA) (PA Archive)

Rathbones has snapped up the wealth and investment division of rival Investec Group in a deal worth about £839 million.

The move will see the creation of the UK’s “leading discretionary wealth manager” with combined funds under management of £100 billion, the firms said.

Investec Wealth & Investment UK, a private wealth manager, is set to merge with asset manager Rathbones to create a bigger group, referred to as the “enlarged Rathbones Group”, which the companies say will benefit customers and shareholders.