Wealth talk

NatWest eyes £3bn bid for Tilney Smith & Williamson

Alison Rose
Alison Rose: said to be keen on wealth management sector (pic: Terry Murden)

NatWest is among a number of potential bidders for Tilney Smith & Williamson in the next round of consolidation expected in the wealth management sector.

Speculation that TS&W’s private equity backers Permira and Warburg Pincus were exploring the sale of TS&W first emerged in February. It handles £56 billion of client assets.

Evercore is understood to have been retained to review options for the business which could attract bids of up to £3 billion.

Wealth management has become a target for predators with Royal Bank of Canada last week announcing it is buying Brewin Dolphin in a transaction worth £1.6bn.

NatWest chief executive Alison Rose is said to regard wealth management as a key area of potential growth for the former Royal Bank of Scotland as it completes its turnaround from the crash of 2008.

The bank sold Adam & Co last year to Cannacord Genuity and has since heavily invested in technology and staff at its Coutts business.

Buying TS&W, which is to be rebranded as Evelyn later this year, would represent its biggest corporate acquisition since it was rescued by taxpayers nearly 15 years ago.

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