UK: 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.

Monday morning, August 19, 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 (US$54.6 billion) 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.”