UK financial services giant Tilney Smith & Williamson is eyeing up a deal to buy the wealth management arm of Punter Southall.
According to UK newspaper The Times, this comes amid speculation the firm is bulking up ahead of a stock market flotation.
Punter Southall, which was created by Jonathan Punter and Stuart Southall in 1988, has £36bn ($50bn, €42bn) under management. It has a wealth management operation as well as fund management business, a pension fund trustees service and a data analysis arm in Camradata.
International Adviser contacted Tilney Smith & Williamson and Punter Southall Wealth, but the former said it would not comment on the rumours and the latter did not reply in time for publication.
Recently, IA reported that Tilney Smith & Williamson bought Surrey-based financial and investment advisory firm HFS Milbourne for an undisclosed sum.
Tilney Smith & Williamson was created in September 2020 when Tilney and Smith & Williamson completed their delayed merger. The enlarged business manages £50bn of assets, 290 investment managers and 265 financial planners, and at the time it was created had revenue estimated at £530m.