Rathbones snaps up Investec unit

Rathbones has acquired the UK wealth business of Investec, creating a £100bn entity.

The newly combined business will trade under the Rathbones brand, with Investec Wealth & Investment UK's standalone branding phased out after an “appropriate transitional period,” the company said in a statement to investors.

The deal excludes Investec Bank in Switzerland and Investec Wealth & Investment International.

Rathbones’ chairperson Clive Bannister will continue in the same role.