Tilney and Smith & Williamson announce £652m merger deal

Investment and financial planning group Tilney is to merge with professional services and accountancy firm Smith & Williamson.

The transaction will create a combined business worth approximately £1.8bn, with revenues of around £500 million and EBITDA of £150 million.

The deal between Tilney and Smith & Williamson, founded in 1836 and 1881 respectively, will see Smith & Williamson shareholders receive a consideration valued at £625m, through a combination of cash and shares in the enlarged group.

Upon completion – which is expected early next year subject to regulatory approval – the new company will be called Tilney Smith & Williamson. The chairman of the merged business will be Will Samuel, and Tilney chief executive Chris Woodhouse will become group chief executive. Kevin Stopps and David Cobb, joint-CEOs of Smith & Williamson, will also join the board.

Tilney Smith & Williamson will be responsible for over £45bn of client assets, of which 80% will be in discretionary mandates or funds. It will also boast 280 investment managers, 260 financial planners and a professional services business with around 150 partners and directors, operating out of locations across the UK, Ireland and Channel Islands.

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.”

Smith & Williamson co-chief executives, Kevin Stopps and David Cobb, added: “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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