Southampton: Rathbones in merger talks with Smith & Williamson

Rathbone Brothers, the wealth manager, is in merger talks with accountancy firm Smith & Williamson, which has an office in Southampton. If agreed, the £2 billion merger would create a group with £56b of assets under management.

Smith & Williamson offers accountancy, investment and tax services. It also has offices in Salisbury and Guildford, as well as London and other parts of the UK.

The firm recently announced that it had secured a personal tax team, which had come across from rival Grant Thornton. The team of nine joined Smith & Williamson in what was considered a significant coup for the firm locally.

Rathbones' merger with Smith & Williamson would create a combined firm with nearly 3,000 staff. Rathbones is a FTSE250 company, while Smith & Williamson is said to be valued at £600 million.