Raymond Doherty 19 Aug 2019 10:34am

Tilney confirms Smith and Williamson merger talks

Tilney, an investment and financial planning group, has revealed it is in exclusive merger discussions with Smith & Williamson

Over the weekend there were reports that talks between Tilney and mid-tier firm S&W were ongoing but that a deal was not certain.

This morning Tilney released a statement. “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,” it said.

“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.”

In 2017, Tilney made a late bid to hijack Rathbones' proposed £2bn merger with Smith & Williamson. The tie-up between Rathbones and S&W was at an advanced stage but ultimately both deals fell through.

Last year Tilney bought Moore Stephens’ wealth management business. Also, in 2007, Baker Tilly (now RSM) sold its financial planning business, Baker Tilly Financial Services, to Towry (now Tilney), and in 2014 Baker Tilly sold its financial management arm to the acquisitive group as well.