There is a divide emerging in wealth management, separating hunters from prey. In a world of rising regulatory costs and competition, the only way to achieve scale, boost assets and thrive is to gobble up weaker rivals.
Rathbones is a marauding hunter. Fiercely independent, the wealth manager, valued at £1.2bn, is on the prowl for deals.
The London-based company, which started as a timber merchant in Liverpool in 1742, was stalking Smith & Williamson a couple of years ago before talks collapsed in 2017.
Last year Rathbones acquired Speirs & Jeffrey, one of the largest independent wealth managers in Scotland, bringing in assets of £6.7bn and a team of almost 40 investment professionals.
But the need to hunt down other targets is pressing. Its discretionary