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Tilney in Merger Talks with S&W

Wealth management group Tilney has confirmed it is in talks with fund firm Smith & Williamson about a potential £45 billion merger

Holly Black 19 August, 2019 | 9:36AM

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Wealth management firm Tilney has confirmed it is in talks with fund firm Smith & Williamson about a potential merger.

If the two businesses combined, they would manage a hefty £45 billion of assets under management.

Tilney said the discussions are exclusion and ongoing, and there can be no certainty a deal will go ahead. The fund supermarket said a further announcement would be made “as and when appropriate”.

Smith & Williamson said: "A merger has the potential to deliver significant benefits to the clients, employees, partners and sharehodler of both businesses and create a market-leading, integrated, UK welath management and professional services firm."

This is not the first time the two businesses have been linked. Tilney also made a bid for Smith & Williamson in 2017, after speculation that the fund group could merge with Rathbones Asset Management.

While that deal did not go ahead, Tilney has made a number of successful acquisitions in recent years.It acquired financial advice firm Towry in 2016 and fund supermarket Bestinvest in 2014. Reports estimate that if Tilney and Smith & Williamson combined, the group would have around 250 financial planners and 240 investment managers.

Tilney, which has £24 billion of assets under management and more than 100,000 clients, is backed by private equity firm Permira. In 2018, Tilney reported revenue of £228.9 million and earnings of £87.4 million. 

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About Author

Holly Black  is Senior Editor, Morningstar.co.uk

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