There is an irony in the decision of Rathbones and Investec Wealth and Investment (Investec W&I) to merge and create a combined firm with annual revenues of around £800 million and assets under management of just over £100 billion.

Both firms have long been assiduous acquirers of UK-based wealth management firms to the point at which they are usually identified as potential purchasers whenever any potential target emerges.

Sometimes, as was the case back in 2...