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Tilney and Smith & Williamson agree merger in £625m deal

Tilney and Smith & Williamson have reached an agreement on a ‘transformational’ merger to combine their respective businesses, becoming one of the UK’s leading integrated wealth management and professional services group.

Talks of a potential deal between the two businesses were made in August.

The merged business will respectively be named Tilney Smith & Williamson, with completion expected in early 2020.

Upon completion, the combined entity will have over £45bn ($56bn USD) of assets under management and revenues of around £500m.

Smith & Williamson shareholders will receive consideration values at £625m, to be satisfied through a combination of cash consideration and shared in the enlarged group.

The combined value of the businesses after the merge will be at £1.8bn.

Tilney Smith & Williamson will comprise of representatives from both firms. The chairman of the merged business will be Will Samuel, with chief executive Chris Woodhouse. Joint-chief executives of Smith & Williamson Kevin Stopps and David Cobb will join the business upon completion.

Tilney chief executive Chris Woodhouse said: “The merger of Tilney and Smith & Williamson represents a compelling combination and together we will look to build on the considerable and complementary strengths of both firms. Like Tilney, Smith & Williamson has an excellent reputation for looking after its clients over many years and we recognise the value its culture and expertise will bring to the combined group.

“This is a transformational deal, which will create a truly unique business, able to support clients from across the wealth spectrum with a comprehensive range of services for both their personal wealth management and business needs.

He continued: “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. Given the excellent strategic and cultural fit between our businesses, I believe that the combined group is ideally placed to maximise the growth opportunities that we see in the market.” David Cobb and

Smith & Williamson co-chief executive Kevin Stopps said: “We are delighted to be merging with Tilney, a business that we believe is an excellent partner for Smith & Williamson. The enlarged group will be a leading wealth management and professional services business, benefiting clients and colleagues in both companies.

“The investment management and professional services market is changing rapidly, with the evolution of client needs accelerating. The combination of our two businesses creates real scale, broader capabilities and complementary service offerings, enabling the merged group to enhance existing client relationships and win a higher share of new business opportunities. We look forward to working with Tilney’s management to complete the transaction and bring the two companies together.”

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