A deal which would see wealth management giant Rathbones buy a division of rival Investec for £839m has been backed by its shareholders.
More than 94% of Rathebones shareholders approved the deal at a general meeting held earlier today (June 23).
Completion is expected to take place towards the end of the year.
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First announced in April, 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.
Once completed, the enlarged group will continue to trade under the Rathbones name.
Rathbones has an office in the Port of Liverpool Building.
Speaking in April, 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."
