Rathbones has completed its acquisition of Scottish independent wealth manager Speirs & Jeffrey, which was announced in June.
The acquisition will see Speirs & Jeffrey rebrand and follows Rathbones’ £18m buyout of the Vision Independent network in 2015, which grew its financial planning arm with 78 new advisers.
Rathbones had been in talks to acquire Speirs & Jeffrey since before April and its staff will move to the wealth manager’s Glasgow offices.
Rathbones chief executive Philip Howell says: “Speirs & Jeffrey represents an ideal strategic, professional and geographic fit with Rathbones and we look forward to working together both to develop our business in Scotland and deliver compelling returns for our shareholders.”
Rathbones plans to continue growing its adviser numbers. The Speirs & Jeffrey deal brings 150 staff including 38 investment professionals to the combined business.
Speirs & Jeffrey chief executive Russell Crichton says: “We are all excited about our partnership with Rathbones and the opportunities this new chapter in our history will provide.”
Rathbones saw a 64 per cent jump in pre-tax profit for the first half of 2018, falling just short of its £40bn funds under management target.