UK-based wealth manager Tilney has wrapped up the takeover of its rival Smith & Williamson, creating a business with AuM of more than £47bn.
The combined business will operate under the name Tilney Smith & Williamson.
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Tilney Smith & Williamson group CEO Chris Woodhouse said that the two companies are “highly complementary to one another”.
Woodhouse stated: “Together they bring an incredible pool of talented professionals with a strong ethos of delivering exceptional service to their clients. This is a great foundation for the future.”
Transaction details
In terms of revenues, the merged group is said to be the third-largest wealth manager in the UK.
It is said to be the UK’s fourth largest wealth management firm by AuM.
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By GlobalDataThe combined business, with pro forma revenue of £530m, will have offices across the UK, Republic of Ireland and The Channel Islands.
It will have 290 investment managers, 265 financial planners and over 140 professional services partners and directors.
Background of the Tilney takeover
The deal was announced in September 2019 for £625m.
However, it was deferred owing to the Covid-19 pandemic and ongoing talks with the regulatory body FCA about its revised structure.
In June this year, the two companies agreed on a revised deal structure for their merger.
Besides, private equity firm Warburg Pincus agreed to co-invest in the consolidated business along with funds from Permira.
Last month, Smith & Williamson shareholders approved the deal.
Tilney Smith & Williamson chairman Will Samuel said: “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 with an unrivalled service proposition that can support clients with the management of both their personal wealth and business interests.”
