British wealth manager Rathbones has confirmed that it is in exclusive merger talks with rival Smith & Williamson.

The deal is likely to be structured as an all-share merger, Rathbones said. The wealth manager however, indicated that there is no certainty of the deal being materialised.

“Whilst these discussions have been underway for some time and the boards of both Rathbones and Smith & Williamson 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,” Rathbones said in a statement.

Rathbones also said and that the deal would be subject to shareholders’ nod if agreed. It did not disclose any further details, adding that it would reveal more details “as and when appropriate”.

Rathbones currently oversees over £36bn in assets, while Smith & Williamson oversees around £19bn in assets. The two groups together employ around 3,000 staff.