Rathbones has completed its £839m for Investec Wealth & Investment UK.
Under the terms of the deal, the enlarged wealth manager will operate under the Rathbones brand. It does not include the Switzerland-based Investec Bank or Investec Wealth & Investment International.
As a result of the merger, Investec Group now owns 41.3% of the enlarged Rathbones Group with 29.9% voting rights.
See also: Rathbones and Investec Wealth’s UK arm merge in £839m deal
Investec has put forward the CEO of its banks division, Ruth Leas, as non-executive director for Rathbones, alongside Henrietta Baldock, who is currently an Investec NED.
Leas has spent 25 years at Investec and was appointed bank CEO in 2019. Meanwhile, Baldock also serves as an independent non-executive director on the boards of Investec Limited, Investec PLC and Investec Bank.
She is also a director of Hydro Industries Limited, Legal and General Assurance Society Limited and Legal and General Group.
Investec had previously announced Ciaran Whelan as one of the firm’s two representatives on the Rathbones board. The firm said he will continue to play a senior role in the integration process.
On the completion, Rathbones CEO Paul Stockton (pictured) said: “Rathbones’ combination with Investec W&I UK presents many exciting future opportunities and creates the UK’s leading discretionary wealth manager with approximately £100bn of funds under management and administration.
“Completion represents the start of a journey to bring both businesses together, delivering a high-quality range of services to clients and offering employees the chance to grow and develop within the enlarged Rathbones group.”
See also: Investec profits climb but assets dip as it prepares for Rathbones merger
