WEALTH manager Rathbone Brothers is looking to ramp up its Glasgow presence via the takeover of local firm Speirs & Jeffrey two years after opening in the city.
In an announcement to the London Stock Exchange Rathbones confirmed that it is in talks with Speirs & Jeffrey, although noted that it is not certain that any deal will go ahead.
“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,” the firm said.
Read more: Rathbones to open in Glasgow
Speirs & Jeffrey chief executive Russell Crichton said the discussions have come as part of a strategic review his firm is undertaking “to determine how best to safeguard the high level of client service we provide”.
“Like everyone in our industry, we face rising competition, pressure on fees and increased regulatory costs, and, as one of the larger firms within a consolidating marketplace, we receive approaches on a fairly regular basis,” he added.
When it launched in Glasgow with eight people in 2015, Rathbones said it planned to have an additional six on the ground by the end of that year. It currently has nine investment staff in Glasgow.
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