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Wealth manager merger called off as Smith & Williamson prepares to float

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Wealth manager Smith & Williamson has issued a statement confirming that merger talks have ceased with fellow wealth management firm Rathbones.

Smith & Williamson writes: “Following our growth and business development in recent years, the Board had agreed to prepare the company for a potential stock market listing. While we were pursuing this course, we were approached by Rathbones.

“After careful consideration, we have been unable to reach agreement on terms which would be in the best interests of all our stakeholders.”

The firm refers to its good results at April 30 2017, and its range of services to individuals and their business interests as central to their offering.

“As part of our preparation for a potential listing we have developed a strategy to deliver growth across all our business lines and further enhance our position as a leading adviser to private clients and their business interests.

“This will be achieved by continued investments in talent, infrastructure, client experience and a number of new initiatives to strategically engage with existing and new client groups, creating value for shareholders as our business grows.”

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