Rathbones and Smith & Williamson in £56bn merger talks

Smith & Williamson describes itself as an "independently owned, financial and professional services group, looking after the financial affairs of individuals, families and businesses for more than a century”.

Rathbones latest results reported £36.6bn in AUM while S&W, which is unlisted, has £19bn. It employs around 1,700 staff while Rathbone had just over 1,100 full time equivalent employees.  

A Rathbones statement said: "Rathbones confirms that it is currently in exclusive discussions with the Smith & Williamson group of companies regarding a possible all share merger of the two groups.

"While these discussions have been underway for some time and the boards of both Rathbones and Smith & Williamson are confident that the combination would bring meaningful benefits for the stakeholders of both businesses, discussions are ongoing and there can be no certainty any transaction will be agreed.

"However, if agreed, any such transaction will be subject to the approval of shareholders. A further announcement will be made as and when appropriate."