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Merged Tilney Smith & Williamson will have £45bn AUM

22 September 2019

Wealth manager Tilney has merged with Smith & Williamson in a £625 million deal that will create one of the UK’s largest integrated wealth management and professional services groups.

The merged business, which will be called Tilney Smith & Williamson, will have assets under management of £45 billion, of which 80% will be in discretionary mandates or funds.

Both firms have investment management operations, while Tilney also has a digital investment platform in Bestinvest.

The new firm will deliver a wide range of investment services including execution-only investing, investment advisory services, centrally-managed and bespoke discretionary investment management.

Clients will also be offered a multi-channel capability, allowing them to interact in a way that suits them, including face-to-face, through an online platform and over the phone.

The combined firm, which will employ approximately 280 investment managers and 260 financial planners as well as as 150 professional services partners and directors, will be headed up by chairman Will Samuel.

Chris Woodhouse, chief executive, Tilney, will take on the role of group chief executive, while Kevin Stopps and David Cobb, joint-CEOs of Smith & Williamson, will join the board of the enlarged group upon completion.

Woodhouse said: “The merger represents a compelling combination and together we will look to build on the considerable and complementary strengths of both firms. This is a transformational deal, which will create a truly unique business, able to support clients from across the wealth spectrum with a comprehensive range of services for both their personal wealth management and business needs.

“Given the excellent strategic and cultural fit between our businesses, I believe that the combined group is ideally placed to maximise the growth opportunities that we see in the market.”

David Cobb and Kevin Stopps, co-chief executives, Smith & Williamson, commented: “We are delighted to be merging with Tilney, a business that we believe is an excellent partner for Smith & Williamson. The investment management and professional services market is changing rapidly, with the evolution of client needs accelerating. The combination of our two businesses creates real scale, broader capabilities and complementary service offerings, enabling the merged group to enhance existing client relationships and win a higher share of new business opportunities.”

Current Smith & Williamson shareholders will receive a combination of cash and shares in the new company worth £625 million, with the combined company valued at £1.8 billion, it said in a joint statement.  The transaction is expected to be completed in early 2020.

 

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