Wealth managers Tilney and Smith & Williamson in merger talks 19 August 2019

Wealth managers Tilney and Smith & Williamson in merger talks

Two leading wealth managers are in talks over a merger that would create a powerhouse managing assets of £45bn.

Tilney, bought by private equity firm Permira from Deutsche Bank five years ago, has entered negotiations to snap up its 140-year-old competitor Smith & Williamson and nearly double its assets under management.

The possible acquisition comes two years after listed wealth manager Rathbones tried to buy the privately owned S&W. Tilney tried to gatecrash the bid, but failed. Rathbones’ move on S&W then fell apart, too.

A merger would propel Tilney into the top five British wealth managers by assets, and would broaden its offering to include tax advice and other financial-planning services provided by S&W through its accountancy arm.