In the latest career development updates, Rathbone Brothers pulls out of Smith and Williamson merger negotiations, HMRC opens Croydon regional hub, Deloitte's revenue increase 11.2%, PwC partner profits fall despite record revenues
Rathbone brothers pulls out of Smith & Williamson firm merger negotiations
Talks over a proposed £2bn merger between fund management firm Rathbone Brothers and Smith & Williamson have ended with no deal struck.
In August, both parties confirmed they were in ‘exclusive talks’ over a deal which gave Rathbones a market value of approximately £1.4bn and a value of approximately £600m to Smith & Williamson. Rathbones manages £32bn of client funds through Rathbone Investment Management.
Smith & Williamson, meanwhile, is somewhat unusual in that it operates both as a fund manager and an accountancy firm. It manages some £19bn in funds for clients, while according to Accountancy’s Top 75 firms survey, the firm’s accounting and tax operation has a fee income of £222.5m.
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