UK-based financial services firm, Smith & Williamson, is expanding its investment management operation in Bristol. The firm is hoping to build the Bristol investment management team to 15 – 20, according to a spokesperson. Following the merger two years ago of Smith & Williamson and Solomon Hare, a Bristol-based accountancy, tax and business services firm, the development of an investment management service from this office has been on the group’s agenda for some time. Mike Lea heads up the Bristol office. Through a recent advertising campaign in the Bristol area, Smith & Williamson has attracted teams and individuals from local players such as Gerrards, one of Barclays Wealth’s UK private client management arms, a process which is believed to be ongoing. The client base of Smith & Williamson’s investment management business is predominantly private clients and charities, and a typical portfolio size ranges from £100,000 to many millions. The business currently has over £8.5 billion in assets under management. As a whole, Smith & Williamson employs over 1,300 people, with a fee income of over £152 million, split roughly half and half between its investment management and tax and business services divisions. In a recent survey by Accountancy Age, Smith & Williamson was ranked as the eighth largest firm of UK accountants by fee income. As previously reported, the firm is considering an initial public offering. Estimates of the value of the company range from £200 million ($391 million) to £300 million, although there are no direct comparisons for the business which is a unique mix of fund management, banking, accountancy, tax and corporate finance. According to Gareth Pearce, Smith & Williamson’s chairman, a flotation would boost its hitherto low profile. Thirty per cent of Smith & Williamson is owned by Canadian investment management group AGF, the remaining equity is shared by over 450 former and current employees.