Raymond James's takeover of Charles Stanley has completed and will see the US wealth manager buy the entire issued share capital of one of the oldest companies on the London Stock Exchange.
On Friday (January 21), the companies announced that following the delivery of a copy of the court order to the registrar of companies, the deal had now become effective and Charles Stanley was owned by Raymond James.
As part of the deal, Charles Stanley's shareholders would receive £5.15 in cash for each scheme share held.
Charles Stanley was founded in 1792 and had been listed, in some form, on the London Stock Exchange since 1852.
In November alongside its interim results, Charles Stanley announced the deal would complete in December.
But last month the companies said the takeover had been delayed and pushed to January because the Financial Conduct Authority had not yet signed it off.
The companies secured an court date for January 19, 2022 and Charles Stanley said the High Court had sanctioned the scheme at the hearing.
Following this, the listing of Charles Stanley shares on the London Stock Exchange was suspended on Friday.
The acquisition will see approximately 200 wealth managers join Raymond James from Charles Stanley, many of whom are located in key geographic areas across the United Kingdom that Raymond James has targeted for expansion.
Charles Stanley adds approximately £27bn in client assets, bringing Raymond James’ total client assets in the UK to above £40bn.
Raymond James, which is based in Florida, was founded in 1962 and employs around 8,400 advisers across the USA.
It has a total of $1.18tn (£870bn) in assets under management.
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