Nexia UK member firm Smith & Williamson is in ‘exclusive’ talks with investment firm Tilney over a possible merger of the two businesses.

A spokesperson for Tilney confirmed reports that the businesses are currently discussing a possible merger.

Smith & Williamson is Nexia’s largest member firm in the UK. According to IAB UK Country Survey 2018, the firm reported a fee income of £272.1m ($330m) making it the 8th largest member firm of an accountancy network for the year. Nexia UK’s total fee income for the year was £370.6m.

A Tilney spokesperson said: “A merger of Tilney and Smith & Williamson would create a market-leading, integrated UK wealth management and professional services group with over £45bn of assets under management.

“These discussions are ongoing and there can be no certainty that a transaction will proceed. A further announcement will be made as and when appropriate.”

A spokesperson for Smith & Williamson said: “The Board of Smith & Williamson confirms that it has received an approach and is in exclusive discussions about a combination of its business with Tilney Group. The respective Boards believe that a merger of Smith & Williamson and Tilney has the potential to deliver significant benefits to the clients, employees, partners and shareholders of both businesses and create a market-leading, integrated, UK wealth management and professional services firm. Discussions remain ongoing and at this stage there is no certainty that a transaction will proceed. A further announcement will be made in due course.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Towards the end of last year, Smith & Williamson merged with Dublin-based accountancy firm LHM Casey McGarth.