Update: Rathbones completes £104m acquisition of Speirs & Jeffrey

'Significant milestone for S&J'

Rathbones has completed its acquisition of Scottish independent wealth manager Speirs & Jeffrey, increasing its FUM by 18% to £44.5bn.

In an official statement released this morning, the group said the initial consideration of £104m for the acquisition was satisfied through £79m cash and the issue of 1,006,522 new ordinary Rathbones shares. Initial consideration shares will begin trading on the London Stock Exchange on 3 September.  The deal to acquire 100% of the issued share capital of Speirs & Jeffrey, Scotland's largest independent wealth manager, was confirmed back in June.  It increases Rathbones' pro forma funds under management by 18% to £44.5bn. Rathbones FUM drops 3.3% during tough Q1 The group sai...