News

Tilney and Smith & Williamson complete merger

  • Written By: Ben Mitchell
  • Published: Thu, 03 Sep 2020 15:00 GMT

We are pleased to announce the completion of the merger of Tilney and Smith & Williamson. As a result of the merger, Smith & Williamson’s Ireland office will now serve as the EU Hub for the new, larger organisation.

Tilney Smith Williamson

The group has now been renamed Tilney Smith & Williamson, but the business will continue to trade as Smith & Williamson in Ireland, where it employs over 120 people.

The merged business has considerable depth of expertise with circa 290 investment managers, 265 financial planners and more than 140 professional services partners and directors located across an extensive office network in Ireland, the UK, and the Channel Islands.

The merger has created the UK’s leading integrated wealth management and professional services group with over £47 billion of assets under management (AUM) and circa £530 million of pro forma revenue. Tilney Smith & Williamson is the third-largest UK wealth manager when ranked by revenues and fourth when measured by AUM. It is also the sixth-largest UK professional services group by fee income. In Ireland, Smith & Williamson is in the top 10 accountancy practices in the country.

The newly-constituted Board of Tilney Smith & Williamson comprises of eleven Directors drawn from both the two previous boards and representatives of the group’s major shareholders. The members of the Board, subject to 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.

Paul Wyse, Managing Director Professional Services, Smith & Williamson Ireland, said:

“Given the complementary skills of the two businesses, the clients and regions that we serve, we believe that the combination of our two firms creates an even stronger proposition and service offering for meeting the needs of our clients in Ireland. The merger means that we are now part of a larger organisation with enhanced financial strength and market scale.

“As the EU hub for the wider organisation, we believe this merger presents excellent opportunities to continue to grow our team and operations in Ireland and to enhance our service offerings to our clients. We anticipate no changes to our existing team as a result of the merger, and clients will continue to have the same access to the breadth and depth of expertise that Smith & Williamson has always offered.”

Will Samuel, Chairman of Tilney Smith & Williamson, said:

“We are delighted to have successfully completed this major transaction against what is unquestionably a highly challenging economic backdrop. 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.”

Chris Woodhouse, Group Chief Executive of Tilney Smith & Williamson, added:

“Today, we have brought together two very successful and long-established businesses that are highly complementary to one another. Together they 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. Since we first announced the intention to merge a year ago, a huge amount of work has taken place to identify our respective strengths and plan the integration on a ‘best of both’ approach. 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.”

 

For further media enquiries:

Smith & Williamson –

Emma Jane Hade/Luke Hogg
M: 085 160 2832/ 087 254 3187
E: emmajane.hade@teneo.com/luke.hogg@teneo.com

Tilney –

Jason Hollands, Managing Director, Business Development and Communications
T: +44 20 3818 6664
M: +44 7768 661382
E: Jason.Hollands@tilney.co.uk

 

Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 12 offices: London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.

Strategic Rationale for the Merger

The merger of Tilney and Smith & Williamson will deliver long-term benefits for clients, employees and investors. In particular, the combined group will:

  • Create a unique and differentiated client proposition, covering professional services, financial planning and investment management;
  • Share a fundamental commitment to client-centric values;
  • Benefit from an expanded office network across 36 towns and cities in the UK, Ireland and the Channel Islands;
  • Deliver investment services that can cater to the full range of clients’ investment needs, including execution-only investing, investment advisory services, centrally managed and bespoke discretionary investment management;
  • Have a powerful, multi-channel capability in its investment and financial planning business, allowing clients to interact in a way that best suits them, including online, over the phone and face-to-face;
  • Provide clients with continuity in the relationship with their investment manager, financial planner or professional services team; and
  • Through increased scale, enable enhanced investment in technology for the benefit of its clients.

 

Note to editors: Smith & Williamson has been managing the financial affairs of private clients and their business interests for over a century. Smith & Williamson first entered the Irish market in 2008 through the establishment of a Tax and Business Services division following a merger with Oliver Freaney & Co, itself established in 1958 and one of Ireland’s leading firms of chartered accountants and business and tax advisers. In April 2011, the firm's existing Irish services were expanded with the launch of full service investment management and retirement planning capabilities.

Smith & Williamson currently employs over 120 people in Ireland.

In Ireland Smith & Williamson has offices in Sandyford, Dublin City Centre and Belfast

Smith & Williamson Freaney Limited
Authorised to carry on investment business by the Institute of Chartered Accountants in Ireland. A member of Nexia International.