Two British wealth managers are in talks over a potential merger that would lead to a combined £45bn in assets under management, according to two people briefed on the discussions.
Acquired by buyout group Permira five years ago, Tilney is in discussions to acquire rival Smith & Williamson as it continues effort to expand. Talks with S&W are ongoing and there is no certainty of a deal at this stage, these people said.
Both firms are sizeable wealth managers: Tilney manages £24bn worth of assets and S&W has £21bn. Tilney also has a large financial planning business and Bestinvest, an online business. S&W has a large accountancy division, including tax advisory.
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