Major UK financial and professional services firms Tilney and Smith & Williamson have completed a merger today. The new company has been renamed Tilney Smith & Williamson.
There will be no immediate changes to the firm’s existing main brands - Tilney, Smith & Williamson, and Bestinvest - according to the business.
The merger means the group now has more than £47billion of assets under management and around £530million of revenue.
Tilney Smith & Williamson is the third-largest UK wealth manager when ranked by revenues and fourth when measured by assets under management.
It is also the sixth-largest UK professional services group by fee income.
The merged business has around 290 investment managers, 265 financial planners and more than 140 professional services partners and directors located across the UK, Republic of Ireland and the Channel Islands.
The new board of Tilney Smith & Williamson has 11 directors from the two previous boards and representatives of the group’s major shareholders.
The members of the board, subject to FCA approval, are Will Samuel (chair); 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.
Mr Samuel said: “We are delighted to have successfully completed this major transaction against what is unquestionably a highly 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.”
Mr Woodhouse added: “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 uniquely well-placed to meet the needs of clients.”
