Rensburg Sheppards is to be renamed Investec Wealth and Investment.
Citywire understands the Rensburg Sheppards name will be scrapped completely to focus on its South African parent company, Investec bank.
The move follows the full acquisition of Rensburg by Investec, the banking group that had owned a 47% stake in the wealth management business for several years.
A source close to the situation said the firm hoped the new name would serve to highlight the strength of Investec as a brand. Rensburg Sheppards has been amalgamated with the wealth management arm of Investec Private Bank, making it one of the largest wealth managers in the UK.
The investment process appears to have been preserved despite the merger of the two research teams. Three members of the Investec research team have since left the company due to overlaps, and the other four are reporting to Rensburg head of research John Haynes, who works closely with CIO Chris Hills.
The move will mean the iconic Rensburg name, linked to Henry Rensburg who founded the firm in 1873, will be consigned to history.
The full acquisition by Investec marks a new stage in the life of the private client investment manager and follows Rensburg’s acquisition of Carr Sheppards Crosthwaite in 2005, which at the time saw it merge with three of the oldest names on the London Stock Exchange.
At the end of last year, Jonathan Wragg (pictured) was appointed CEO of Rensburg Sheppards, and took over from Steve Elliot, who was promoted to a new role within Investec.
Rensburg Sheppards declined to comment.