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February 7, 2022

Warburg Pincus, Permira weigh listing and sale options for Tilney Smith & Williamson

Warburg Pincus and Permira, the owner of Tilney Smith & Williamson (TSW), is weighing to sell or list the British wealth manager, reported Financial Times.

The move comes as the private equity firms seek to offload their investment in TSW 18 months after a merger, the report said, citing people with knowledge of the development.

TSW, which manages £56bn in assets, is a leading wealth manager in the UK.

According to the sources, the firms have hired Evercor to advise on the sale, which is expected to value the firm in the range of £2bn to £3bn.

Warburg Pincus and Permira is also exploring an initial public offering (IPO) for TSW, while a secondary sale to private equity may also happen, one of the sources divulged to the publication.

Tilney, Warburg Pincus, Permira and Evercore did not comment on the news.

Established in 1881, Permira-owned Tilney agreed to acquire Smith & Williamson in 2019 for £625m.

However, the deal was delayed for another year after UK’s Financial Conduct Authority raised concerns about the takeover.

In 2020, Warburg Pincus invested £250m in the group, alongside Permira, as part of a revised transaction. The merger was concluded on 1 September 2020.

Meanwhile, the wealth and asset management industries are witnessing increased consolidation as firms seek to expand their presence and reduce fees. Last December, private equity firm JC Flowers sold subscription-based investment platform Interactive Investor to asset manager Abrdn in a £1.5bn deal.

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