M and A
Tilney Keeps Cards Close To Chest When Probed About S&W Bid
The potential merger could cost around £2 billion.
Tilney was hushed when
asked by WealthBriefing to confirm a media report
that it had tabled a cash bid for Smith &
Williamson in an attempt to hijack its potential merger with
Rathbones.
Sky News reported that Tilney, which has assets under
management around £23 billion, placed an all-cash offer for
rival wealth manager S&W.
The report said that S&W’s management team is looking to
pursue a deal with Rathbones rather than Tilney.
But a spokesperson for Tilney said: "We have no comment
on the matter."
Rathbones confirmed it had been working on
the details of an all-share merger with S&W, with a
formal announcement about the terms of a deal expected as early
as next week. This, however, could delay the potential merger as
S&W weighs up its options.
Tilney is continuing to expand its operations through
acquisitions. Earlier this month,
it acquired the assets of Midas Investment Management for around
£162 million.
