"Further to the recent announcement made to the stock exchange by Rathbones, we can confirm that merger discussions have ended."
Last month, Rathbones confirmed that it was in discussions with Smith & Williamson regarding a potential £2bn merger which would create combined assets of £56bn.
However in a statement today, Smith & Williamson said: “Further to the recent announcement made to the stock exchange by Rathbones, we can confirm that merger discussions have ended.
"Following our growth and business development in recent years, the Board had agreed to prepare the company for a potential stock market listing. While we were pursuing this course, we were approached by Rathbones.
"After careful consideration, we have been unable to reach agreement on terms which would be in the best interests of all our stakeholders."
Smith & Williamson added that as part of preparations for a potential listing, it has "developed a strategy to deliver growth across all business lines", consisting of continued investments in talent, infrastructure, client experience and new initiatives to engage with existing and new client groups.
