Warburg Pincus is weighing at taking full control of UK wealth manager Tilney Smith & Williamson (TSW), which it co-owns with Permira, Bloomberg reported.
The firm is also considering options including a sale or initial public offering of the business as Permira seeks to exit its holdings.
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Warburg Pincus holds first right of offer on shares of Permira, people aware of the developments told the news agency.
According to the sources, there is no certainty of a deal between the two private equity firms as deliberations are currently in the initial phase.
Spokespersons for Permira, Warburg Pincus and TSW did not comment on the development, reported the news agency.
TSW was formed in 2020, following the merger of Permira-owned Tilney and local peer Smith & Williamson.
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By GlobalDataTilney’s £625m deal to acquire Smith & Williamson, which it announced in 2019, was delayed after UK’s Financial Conduct Authority raised concerns.
A year later, Warburg came on board as part of the revised transaction and co-invested in the combined group, alongside Permira.
Led by chief executive Chris Woodhouse, TSW had £56bn assets under management at the end of September 2021.
Last month, the firm acquired independent financial advice (IFA) firm FP Solutions. The deal was part of a succession programme that was launched in November 2021 with the acquisition of Explore Wealth Management.
In March 2021, it agreed to buy financial and investment advisory firm, HFS Milbourne. Warburg Pincus also holds stake in the Spanish wealth manager Singular Bank, which took over UBS’ wealth management business in the country last year.
