Tilney in talks to snap up Smith & Williamson Potential merger would lead to combined £45bn in assets under management Save Print this page
Two British wealth managers are in talks over a potential merger that would lead to a combined £45bn in assets under management, according to two people briefed on the discussions. Talks with S&W are ongoing and there is no certainty of a deal at this stage, these people said. Representatives for Tilney and S&W declined to comment. But a person with direct knowledge of the potential transaction said the logic to merge was “strong”.
S&W has a large accountancy division, including tax advisory. A merger with S&W would turn Tilney into one of the largest wealth managers by assets in the UK, and would expand its offering to include tax advisory services and other broad financial services. If the deal goes ahead, the combined business would have about 250 financial planners, 240 investment managers and more than 100 partners in professional services. Any deal would see both brands retain their name, the person added.
Its year-end accounts dated December 31 2018 show it had £228.9m in revenues and £87.4m in earnings before interest, tax, depreciation and amortisation. In 2017, Tilney named Chris Woodhouse as chief executive to replace veteran Peter Hall, who left to join Permira as an adviser. Two years ago, Blake Goldring, the head of AGF, the Canadian asset manager and a minority stakeholder in S&W, said it would “actively pursue alternatives to realise value in its investment”.
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