Smith & Williamson today (Monday 1 October 2018) announced its merger with leading Dublin-based accountancy firm LHM Casey McGrath, creating a total workforce of 135 people based in its two Republic of Ireland offices.
The merger positions Smith & Williamson in the top tier of accountancy and financial services businesses in Ireland. It also achieves a key strategic objective for the Group of accelerating growth in the Irish market.
The deal will increase turnover to over €15 million (£13.5 million) per year in Ireland and total group operating income to £269 million (€300 million).
Commenting on today’s announcement, Smith & Williamson Co-Chief Executive, Kevin Stopps, said: “This merger underlines our commitment and scale in Ireland, where we combine a top 10 accountancy firm with a leading independent wealth management operation. The deal fully supports our long-term strategic growth ambitions and also strengthens our presence in an important EU territory in advance of Brexit to ensure that we are well-placed to service our clients.”
Managing Partner for Smith & Williamson’s Professional Services Team in Dublin, Paul Wyse, said: “Today’s announcement is the culmination of many months of engagement with a firm that shares our vision and values in providing the highest quality professional services to clients. The team at LHM Casey McGrath is an excellent fit with our strategy in order to enable growth, improve our service offering and meet the needs of clients through a diverse range of professional services.”
“Our clients will have access to a fully comprehensive and integrated range of business services and a larger team of specialist advisers. Clients will also continue to receive the very highest standards of client service and advice.”
Welcoming the news, Damien Kealy, Managing Partner of LHM Casey McGrath, said: “While we are very proud of the history of our firm and the achievements of our people, we also recognise the significant benefits that the wider range of accountancy and investment management services which Smith & Williamson can provide to our clients and their businesses. This is an exciting opportunity for our people, our clients and our firm and one that allows us to continue to achieve our growth ambitions and those of our clients.”
Smith & Williamson first entered the Irish market in 2008 through the establishment of an accountancy division, following a merger with Oliver Freaney & Co, itself one of Ireland’s leading firms of chartered accountants and business and tax advisors since 1958.
LHM Casey McGrath was founded in 2004 as an accountancy and financial services firm, employing 56 staff with fee income of circa €5 million (£4.5 million) in 2017/18. Its services cover audit, assurance, accounting, taxation, business outsourcing, advisory and consultancy.
Ben Mitchell, Head of Content & Media Relations
0207 131 8726 / 07825 194688
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
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 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.
Smith & Williamson Freaney Limited
Authorised to carry on investment business by the Institute of Chartered Accountants in Ireland. A member of Nexia International.
Smith & Williamson Freaney Audit Company
Registered to carry on audit work and authorised to carry on investment business by the Institute of Chartered Accountants in Ireland.
Smith & Williamson Holdings Limited
Registered in England at 25 Moorgate, London EC2R 6AY. No. 4533948.