31st Aug 2018 12:10
LONDON (Alliance News) - Rathbone Brothers PLC on Friday said it completed the acquisition of investment management firm Speirs & Jeffrey Ltd following receipt of the Financial Conduct Authority approval.
The wealth management firm noted it paid an initial consideration of GBP104 million, satisfied through GBP79 million in cash and the issue of 1.0 million Rathbone shares.
The stock was trading 3.6% higher on Friday at 2,612.00 pence per share, making the 1.0 million new shares worth GBP26 million.
Back in June, Rathbone said it expected the acquisition of Speirs & Jeffrey to increase its funds under management by 18% to GBP44.5 billion. Speirs & Jeffrey manages GBP6.7 billion in funds, making it Scotland's largest independent wealth manager, according to Rathbone.
Speirs & Jeffrey in the financial year to May 10 recorded profit of GBP7.2 million on a revenue of GBP25.3 million.
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