Wealth management firms Smith & Williamson and Tilney have today confirmed that they have entered merger talks.
Should the merger go ahead, it would create a firm with over £45bn in assets under management, and a combined revenue of almost £500m.
There had been several months of rumours of a proposed merger, and today’s announcement had been long-mooted.
Smith & Williamson had a failed merger with fellow wealth management firm Rathbones back in 2017, after holding discussions with Tilney at the same time. Ultimately, Smith & Williamson chose Rathbones, however, the deal collapsed.
In 2014, Tilney was purchased by private equity firm Permira from Deutsche Bank.
A statement from Tilney read: “Following recent media speculation, the Board of Tilney confirms that it is in exclusive discussions with Smith & Williamson about a potential combination of our businesses. A merger of Tilney and Smith & Williamson would create a market-leading, integrated UK wealth management and professional services group with over £45bn of assets under management.
“These discussions are ongoing and there can be no certainty that a transaction will proceed. A further announcement will be made as and when appropriate.”