Investec buys up rest of Rensburg Sheppards
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Investec is to buy the 53 per cent of wealth manager Rensburg Sheppards it does not currently own for around £412m.
Investec currently owns 47 per cent of Rensburg and says the deal does not involve any material change in its executive management team.
Investec chief executive Stephen Koseff says: “Rensburg Sheppards has been a good investment for Investec over the past few years and the proposal we have announced today is the natural next step for both businesses.
“Investec’s wealth and asset management activities have grown strongly in recent times and we believe that Rensburg Sheppards will thrive as part of the Investec Group.”
Rensburg Sheppards chairman Christopher Clarke says: “The offer values Rensburg Sheppards at a significant premium to its current share price and the offer consideration is in the form of a more liquid FTSE 100 security. This combination is underpinned by a compelling fit and sees Rensburg Sheppards becoming part of a major and respected international financial services group.”
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