The potential £2 billion merger between Rathbones and Smith & Williamson has been contested by rival wealth management firm Tilney, which has made a last minute, all-cash bid to acquire Smith & Williamson.
However, Smith & Williamson’s management team, headed by David Cobb and Kevin Stopps, have indicated a preference for carrying out an M&A deal with Rathbones over Tilney. A merger with Rathbones, a FTSE 250 firm, would create a wealth management giant with £56 billion in assets under management, whereas a merger with Tilney would create a firm with £42 billion in assets. Nevertheless, Tilney’s all-cash offer could provide greater certainty.
Peter Hall, Tilney’s Chief Executive, has revealed that Tilney is looking to make further acquisitions. In the past, Tilney has bought firms such as Ingenious, Towry and this month acquired Midas Investment Management.
For more information on the M&A market and specifically selling your business to AFH contact Gwill Evans – Gwill.Evans@gunnerandco.com
