Wealth manager Tilney, which has offices in Scotland’s three largest cities, today confirmed it is in talks with rival Smith & Williamson about a potential merger.
A tie-up would create a wealth management and professional services group with over £45 billion of assets under management.
“These discussions are ongoing and there can be no certainty that a transaction will proceed. A further announcement will be made as and when appropriate,” a spokesman for Tilney said today.
Tilney, which manages over £24 billion of assets for high net worth individuals, has been strengthening its presence in Scotland of late.
It recently moved into new offices in Edinburgh where it also recruited Ronnie Binnie from Standard Life Aberdeen as managing partner, responsible for the firm’s business in the east of Scotland.
Tilney offers services including financial planning, investment management and advice.
The London-headquartered firm employs over 1,000 staff over 30 offices.
Smith & Williamson has 12 offices across the UK and Ireland including one in Glasgow.
