Suitors eye up Rensburg Sheppards subsidiary
SOUTH African group Investec, which recently completed an all-share £412m takeover of Rensburg Sheppards, today said it was looking into the potential sale of the stockbroking and investment management firm’s Yorkshire-based fund management subsidiary.
Investec said it had received a number of expressions of interest from organisations potentially looking to acquire Leeds-based Rensburg Fund Management (RFM).
Investec has appointed Fenchurch Advisory Partners to advise on strategic options for RFM.
Investec said today in a statement: “As part of the strategic review, Fenchurch will assess and test the appetite from third parties for acquiring RFM through a structured process.
“Fenchurch will also consider the prospects for the continued growth of the business under its existing ownership structure.
“There can be no certainty that this strategic review will result in a transaction or an offer being made for RFM. However, any transaction would have regard to the best interests of all stakeholders of RFM, including its clients and employees.”
Alex Brotherston, joint chief executive of Rensburg Fund Management, said: “Clearly this review will address the prospects for the continued development of the business within the existing framework as well as the potential for it to grow under new ownership.
“The senior management and fund management teams work together very closely and are committed to ensuring that it will be ‘business as usual’ whilst the review is underway. Announcements will be made as soon as practicable thereafter.’
“Importantly, the teams have backed the review from the outset and will be wholly involved in the process. We shall of course be giving full consideration to the best interests of all our stakeholders, including clients, advisers and employees.”
Rensburg Sheppards was founded by Henry Rensburg in Liverpool in 1873, before merging in the 1970s with long-standing Yorkshire firm BWD. The current business was created in 2005 with the acquisition of Carr Sheppards Crosthwaite.
It has offices in Leeds, Sheffield, the North West and Scotland.
