Tilney and Smith & Williamson have confirmed a merger agreement, which is expected to build a £45bn AUM wealth business when finalised in 2020, under the name of Tilney Smith & Williamson.
In a statement on Thursday (19 September) the firms said they had agreed a deal that will see S&W shareholders receive consideration valued at £625m via a combination of cash consideration and shares in the enlarged group. The firm's management shareholders will be rolling the majority of their investment into the equity of the enlarged group. Chief executive of Tilney Chris Woodhouse will become group chief executive while Tilney chairman Will Samuel will maintain his title for the combined group. The group's board will comprise representatives from both firms, including co-CEOs of S...
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