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Rensburg in reverse deal for Carr Sheppards Crosthwaite

Stockbroker Rensburg is merging with Investec private-client stockbroking arm Carr Sheppards Crosthwaite in a reverse takeover.

The deal will create one of the UK’s biggest wealth management businesses with 9.6bn in funds under management. Shares in Rensburg have been suspended temporarily at 500p but this is expected to end in February.

The two brands will continue to trade independently for a transitional period ahead of the merger but Rensburg chief executive Mike Burns will head the new company.

Carr Sheppards Crosthwaite manages around 5.7bn of assets, on September figures, on behalf of private clients, corporates, trusts and char-ities with 63 per cent of funds managed on a discretionary basis.

Rensburg has 3.9bn funds under management on May figures, with 1.9bn relating to feepaying clients, 1.6bn to managed clients and 400m to Rensburg Fund Management.

The move will see Rensburg, which offers both financial planning and investment management services develop its business in the South-east.

The company already has seven offices in London, Liverpool, Leeds, Sheffield, Manchester, Glasgow and Edinburgh.

Investec says it expects the merger to create value for shareholders and, as part of the transaction, has agreed to maintain its shareholding in the business for a minimum period of 18 months.

Burns says: “The clear financial and commercial benefits for all our stakeholders are supported by a strong strategic fit, common vision and shared culture.”

Investec managing director Bernard Kantor says: “This transaction makes us one of the most significant listed businesses in the sector.

It provides assurance to our clients of the maintenance of the highest service.”

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