Rathbone in talks for £200m Speirs & Jeffrey deal

Wealth manager Rathbone Brothers on Monday confirmed weekend press speculation that it is in talks for a possible acquisition of Glasgow-based investment management firm Speirs & Jeffrey Limited — a deal that could be valued at up to £200 million.

“Rathbones regularly assesses various acquisition opportunities in line with its stated strategy and accordingly confirms that discussions between Rathbones and Speirs & Jeffrey in relation to a possible acquisition of Speirs & Jeffrey by Rathbones are taking place,” said Rathbone.

“No binding offer has been made and there can be no certainty that any binding offer will be made nor that agreement will be reached with the board and shareholders of Speirs & Jeffrey.

“A further announcement will be made if and when appropriate.”

An acquisition of Speirs & Jeffrey could lead to a windfall for its 10 partners of up to £20 million each.

The 112-year-old Glasgow firm manages around £5.5 billion of assets for individuals, families, trusts, charities and pension funds and is run by fund manager Russell Crichton.

Speirs & Jeffrey posted revenue of £25.3 million and pre-tax profit of £9 million for the year to May 10.

The Glasgow firm is understood to have appointed M&A boutique Spencer House Partners to help it find a buyer.