A year after it was first announced, the merger of Tilney and Smith & Williamson has completed.
The group has been renamed Tilney Smith & Williamson.
There will be no immediate changes to its existing client facing brands of Tilney, Smith & Williamson and Bestinvest.
The merger has created a wealth management and professional services group with over £47bn ($63.1bn, €52.8bn) of assets under management and around £530m in revenue.
The merged business has around 290 investment managers, 265 financial planners and more than 140 professional services partners and directors located across the UK, as well as in the Republic of Ireland and the Channel Islands
The board of Tilney Smith & Williamson comprises 11 directors from both of the two previous boards and representatives of the group’s major shareholders.
The members of the board, subject to Financial Conduct Authority (FCA) approval, are:
- Will Samuel – chairman;
- Chris Woodhouse – group chief executive;
- Andrew Baddeley – group chief financial officer;
- Elizabeth Chambers;
- David Cobb;
- Peter Deming;
- Keith Jones;
- Philip Muelder;
- Chris Pell;
- Carla Stent; and
- Kevin Stopps.
Samuel said: “This is not only a transformational moment for both of the previous businesses, it is also a significant development within the UK financial services sector, creating a scaled-up group with an unrivalled service proposition that can support clients with the management of both their personal wealth and business interests.”
Woodhouse added: “Together, [the firms] bring an incredible pool of talented professionals with a strong ethos of delivering exceptional service to their clients.
“This is a great foundation for the future. Over the coming months, we look forward to integrating the businesses and creating a group that will be uniquely well-placed to meet the needs of clients.”
In June 2020, UK financial planning firm Tilney and financial services group Smith & Williamson agreed a revised transaction structure for the merger.
This was after the FCA raised a number of issues with the proposed transaction as it was originally structured, and valuation difficulties due to a drop in the dollar caused the deal to nearly collapse.
As part of the revised transaction, global private equity firm Warburg Pincus co-invested in the combined business alongside funds advised by fellow investment firm Permira.