The proposed marriage of two mid-sized wealth managers, Rathbone Brothers and Smith & Williamson, has not made City pulses race. But it will create a business with £56 billion under management, following a trend of sector consolidation in search of economies of scale that kicked off with the merger of Standard Life and Aberdeen Asset Management. And though the new couple’s names won’t mean much unless you already happen to be their clients, they have interesting histories.
Rathbones began as a timber-trading venture in Liverpool in 1742 and is the family firm of a dynasty of Quaker social reformers, including the formidable proto-feminist Eleanor Rathbone (1872–1946). Smith & Williamson, an accountancy practice as well as an investment business, was founded in Glasgow in 1881 — and if it lacks a distinctive flavour, it at least provides an illustration of luck on a grand scale.
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