Notification of interest – Investec Wealth & Investment will be combined with Rathbones to create the biggest discretionary wealth manager in the UK with £100 bn in funds under management and administration. The structure will see Rathbones acquire the business from Investec and issue shares to pay for it, which will take Investec to an economic interest in Rathbones of 41.25% and voting rights of 29.9%. The implied equity value for Investec’s business under this transaction is £839m. The companies believe that annual synergies from the transaction will be £60m. The Rathbones brand will be retained and the Investec Wealth & Investment brand will be phased out over time. Investec is also not allowed to acquire more shares in Rathbones or make an offer for five years.