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September 20, 2019

Tilney to purchase Smith & Williamson in £625m deal

British wealth manager Tilney has agreed to acquire local peer Smith & Williamson for £625m.

The consolidated group will operate under the name Tilney Smith & Williamson and manage over £45bn in assets.

Negotiations over the merger were confirmed by Tilney last month.

The merged business will be valued at nearly £1.8bn, with revenues of £500m and EBITDA of £150m.

Tilney CEO Chris Woodhouse called the acquisition a “transformational deal”.

He said: “Tilney Smith & Williamson will be responsible for over £45 billion of client assets, of which 80% is in discretionary mandates or funds.

“It will have a significant number of trusted advisers, including approximately 280 investment managers, 260 financial planners and a professional services business with circa 150 partners and directors.

“Alongside the benefits of scale and an enhanced service offering, we will continue to focus on providing clients with a very personalised service, delivered by highly qualified professionals from locations across the UK, Ireland and Channel Islands.”

The combined group’s board will include representatives from the two firms.

The group will be led by Woodhouse as the CEO. Tilney chair Will Samuel will continue to serve in the same role at the merged entity.

Smith & Williamson CEOs Kevin Stopps and David Cobb will also gain seats on the board.

The deal is pending regulatory nod, with closure expected early next year.

Tilney’s other acquisitions in recent years include that of Ingenious Asset Management, Towry, and Midas Investment Management.

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