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Activist Elliott increases stake in UK wealth supervisor Brewin Dolphin


May 13, 2022
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A dds Elliott reaction

LONDON, May 13 (Reuters) Elliott has actually pressed its stake above 5% in Brewin Dolphin BRW.L, a British wealth supervisor which is under deal from Royal Bank of Canada RY.TO, the activist financier stated on Friday.

Elliott’s stake reached 5.2% since Might 12, it stated in a regulative filing. Elliott stated a 2.42% stake previously today.

Brewin Dolphin’s shares have actually leapt 61% to 512 cent a share considering that RBC made its 515-pence deal in March, valuing the company at 1.6 billion pounds ($ 1.95 billion).

Brewin today reported a 2.3% increase in first-half adjusted revenue prior to tax and stated the RBC takeover was anticipated to finish by the end of the 3rd quarter.

Elliott might be preparing for a counter-offer for Brewin, 2 banking market sources stated, with one including that the wealth supervisor still looked underestimated at the existing deal cost.

Elliott, which likewise has stakes in energy company SSE SSE.L, drugmaker GlaxoSmithKline GSK.L and homebuilder Taylor Wimpey TW.L, decreased to comment.

Wealth supervisors and financial investment platforms remain in need in Britain as retail financial investment grows.

JPMorgan purchased digital wealth supervisor Nutmeg in June 2021 and possession supervisor abrdn ABDN.L purchased interactive financier in Dec 2021.

($ 1 = 0.8189 pounds)

( Reporting by Carolyn Cohn, Modifying by Louise Heavens)

(( carolyn.cohn@thomsonreuters.com; 44 207 513 4391;-RRB- )

The views and viewpoints revealed herein are the views and viewpoints of the author and do not always show those of Nasdaq, Inc.

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