Leading wealth manager Tilney and top 10 fund management and accounting firm Smith & Williamson complete merger with combined assets of over £47bn - a deal which was extended five months by Covid-19
Tilney and Smith & Williamson first announced plans for the merger back in August 2019. Scheduled to complete in April 2020, the merger was derailed by Coronavirus.
As the two firms finally merge, the Group has been renamed Tilney Smith & Williamson and there will be no immediate changes to its existing principal client facing brands: Tilney, Smith & Williamson and Bestinvest
The merger has created the UK’s leading integrated wealth management and professional services group with over £47bn of assets under management (AUM) and circa £530m of pro forma revenue.
Tilney Smith & Williamson is the third-largest UK wealth manager when ranked by revenues and fourth when measured by AUM. It is also the sixth-largest UK professional services group by fee income. This excludes revenues outside of wealth management services eg, banking and asset management.
The merged business has circa 290 investment managers, 265 financial planners and more than 140 professional services partners and directors located across the UK, as well as in the Republic of Ireland and The Channel Islands
The new board of Tilney Smith & Williamson has 11 directors drawn from both the two previous boards and representatives of the group’s major shareholders.
The members of the Board, subject to FCA approval, are Will Samuel (chairman), Chris Woodhouse (group chief executive), Andrew Baddeley (group chief financial officer), Elizabeth Chambers, David Cobb, Peter Deming, Keith Jones, Philip Muelder, Chris Pell, Carla Stent and Kevin Stopps.
Will Samuel, chairman of Tilney Smith & Williamson, said: ‘We are delighted to have successfully completed this major transaction against what is a challenging economic backdrop.
‘This is not only a transformational moment for both of the previous businesses, it is also a significant development within the UK financial services sector, creating a scaled-up group that can support clients with the management of both their personal wealth and business interests.’
Chris Woodhouse, Group Chief Executive of Tilney Smith & Williamson, added: ‘This is a great foundation for the future. Since we first announced the intention to merge a year ago, a huge amount of work has taken place to identify our respective strengths and plan the integration on a “best of both” approach.
‘Over the coming months, we look forward to integrating the businesses and creating a group that will be well-placed to meet the needs of clients.’
Further reading:
Smith & Williamson merger with Tilney threatened by covid delay
