On Tuesday, Investec announced a R19-billion deal which will see it become the largest shareholder in the UK's biggest discretionary wealth manager.
The JSE-listed group is selling Investec Wealth and Investment in the UK to Rathbones, currently Britain's fourth-largest discretionary wealth manager. In exchange, Investec will hold a stake of 41.25%. The merger of the two businesses will catapult Rathbones into the top position, creating a firm with approximately £100 billion in funds under management and administration.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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