British wealth manager Tilney has confirmed it is in talks with Smith & Williamson for the potential merger of their businesses.
The news was first reported by The Sunday Times, who said that the amalgamation would lead to the creation of a firm with assets under management of £45bn.
“These discussions are ongoing and there can be no certainty that a transaction will proceed,” a statement from Tilney has said.
Canadian asset manager AGF, who holds a stake has also stressed that the possibility of the deal materialising is still uncertain.
“As such, AGF does not intend to make any further press release or announcement regarding these matters unless and until a binding, definitive transaction agreement is reached,” the Canadian firm noted.
The merger talks come two years after the failed attempt of Tilney in consolidating with S&W.
S&W announced plans of an IPO by 2020 after the collapsed talks.
Tilney, previously a unit of Deutsche Bank, was snapped up by Permira in 2014. In the same year, Tilney merged with Bestinvest.