Tilney Keeps Cards Close To Chest When Probed About S&W Bid

Robbie Lawther

30 August 2017

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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.