Liverpool-based wealth management giant Rathbones has agreed to by a division of rival Investec for £839m.
The deal for Investec Wealth & Investment UK will create a group overseeing £100bn of assets.
It includes Investec’s wealth and investment businesses in the UK and Channel Islands but not Switzerland-based Investec Bank and the international wealth arm.
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Once completed, the enlarged group will continue to trade under the Rathbones name.
Rathbones chairman Clive Bannister said: "Bringing Rathbones together with Investec W&I UK will create the UK's leading discretionary wealth manager with approximately £100bn of funds under management and administration.
"This transaction not only presents a compelling strategic and financial rationale, but also accelerates Rathbones' growth strategy.
"Operating at scale allows the group to offer an even more attractive proposition to clients and colleagues, supporting future growth and creating significant value for Rathbones' shareholders.
"I look forward to Investec W&I UK colleagues joining the Enlarged Rathbones Group, and welcome Investec Group as a strategic shareholder. I am hugely excited about what the combination can deliver."
The deal is expected to be completed early in the fourth quarter of 2023.
Fani Titi, Investec group chief executive, added: "The combination of Investec W&I UK and Rathbones brings together two businesses which have a long-standing heritage in UK wealth management and closely aligned cultures.
"The strategic fit of the two businesses is compelling with complementary strengths and capabilities to enhance the overall proposition for clients.
"This will be supported by the strategic partnership which offers attractive growth and collaboration opportunities for both groups.
"The transaction represents a real step-change and long-term opportunity for our UK wealth strategy, underscores our commitment to the UK wealth management market and enhances our UK business as a whole."
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