Tilney, a London-based wealth manager, this morning announced the completion of its merger with Smith & Williamson.
The Group has now been renamed Tilney Smith & Williamson with effect from today. The company said there will be no immediate changes to its existing client-facing brands: Tilney, Smith & Williamson and Bestinvest.
The merger has created the UK's leading integrated wealth management and professional services group with over £47bn of AuM and circa £530m 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.
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."
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 across the UK, as well as in the Republic of Ireland and the Channel Islands
The newly-constituted Board of Tilney Smith & Williamson comprises 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.
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."