Wealth managers merge

Tilney seals £625m acquisition of Smith & Williamson

Chris Woodhouse: CEO of bigger group

Tilney has sealed the acquisition of Smith & Williamson in a £625 million cash and shares deal that creates a £45 billion wealth manager.

About 1,200 current and retired staff at Smith & Williamson will share about £200m with some receiving a six-figure payout.

It emerged last month that that the two were at an advanced stage of talks and the combined group, which will be named Tilney Smith & Williamson, will be valued at around £1.8 billion.

The new business will have revenue of about £500m and earnings before interest, tax, depreciation and amortisation of £150m.

It becomes one of the largest private client investment managers in the UK with 280 investment managers and is expected to complete in early 2020.

It will also have 260 financial planners and a professional services business with around 150 partners and directors, across 36 offices throughout the UK, Ireland and the Channel Islands. About 80% of its assets are in discretionary mandates or funds.

The board of Tilney Smith & Williamson will include representatives from both firms. Tilney chief executive Chris Woodhouse will be group chief executive of the merged business, with Tilney chair Will Samuel to remain in the role.

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