Rathbones to acquire UK advice firm for £150m
Combined £60bn business will make the company the third largest wealth manager in Britain
Combined £60bn business will make the company the third largest wealth manager in Britain
It will bring over £160m in funds under management to the group
It will acquire stakes in two insurance joint ventures for around $166m
It had already tried to sell the business in 2018
But nearly half want to execute a merger or acquisition over the next 24 months
Deal adds around £250m assets under management to the group
As part of the US giant’s plans to roll out a digital bank in Britain later this year
Deal is expected to be complete on 31 December 2021
Deal ‘threatens to eliminate competition, raise prices and reduce innovation’
While it ‘is in exclusive due diligence on two potential transactions in two international markets’
Deal will give the bank access to a wider range of products
‘Transaction under consideration would not maximise shareholder value’