Wealth manager Rathbones and investment management and tax advisory firm Smith & Williamson have confirmed that they are in merger talks.

Rathbones manages more than £36 billion of assets, while Smith & Williamson manages around £19 billion. Together they would boast more than 3,000 staff.

“Whilst these discussions have been underway for some time and the boards of both Rathbones and Smith & Williams are confident that the combination would bring meaningful benefits for the stakeholders of both businesses, discussions are ongoing and there can be no certainty any transaction will be agreed,&rdq...