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Activist Elliott increases stake in UK wealth supervisor Brewin Dolphin


May 14, 2022
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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 because RBC made its 515-pence deal in March, valuing the company at 1.6 billion pounds ($ 1.95 billion).

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

Elliott might be expecting a counter-offer for Brewin, 2 banking market sources stated, with one including that the wealth supervisor still looked underestimated at the present 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 property supervisor abrdn ( ABDN.L) purchased interactive financier in Dec 2021. learnt more

($ 1 = 0.8189 pounds)

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Reporting by Carolyn Cohn, Modifying by Louise Heavens

Our Standards: The Thomson Reuters Trust Concepts.

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