Investec has struck a deal to combine its UK wealth and investment business with Rathbones Group to create what it says will be the largest discretionary wealth manager in the strategically important northern hemisphere market.

The deal, which was announced on Tuesday, comes roughly three years after Investec spun off Investec Asset Management, which now trades as Ninety One. The transaction will involve an all-share combination of Investec Wealth & Investment UK and Rathbones to create a leading UK discretionary wealth manager with about £100bn in funds under management and administration (FUMA)...

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