Rathbone Brothers (RAT) has confirmed press speculation that it is in exclusive talks with rival Smith & Williamson over a potential all-share merger. Management said the discussions have been ongoing for some time and that a combination between the businesses would bring meaningful benefits for both sets of shareholders.
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Smith & Williamson provides investment management, tax planning and accounting services. It has around £19bn in funds under management, with 12 offices across the country. During the 12 months to the end of April 2016 the business generated £67.8m in fee income and £28.5m in operating profit.
