ESG Telegraph
  • Home
  • Latest News
  • Environment
  • Companies
  • Investors
  • Governance
  • Markets
  • Social
  • Regulators
  • Sustainable Finance
Featured Posts
    • Companies
    M&S tries to address criticism of rebuilding plans for flagship store
    • August 19, 2022
    • Latest News
    Investors fret over durability of summer rally in US markets
    • August 19, 2022
    • Companies
    Privatising water was never going to work
    • August 19, 2022
    • Latest News
    Cineworld prepares for US bankruptcy filing
    • August 19, 2022
    • Companies
    WWE: body-slammed boss dives out as new champ grapples sale rumours
    • August 19, 2022
Featured Categories
Belarussia
View Posts
Companies
View Posts
Energy
View Posts
Environment
View Posts
Food
View Posts
Governance
View Posts
Health
View Posts
Investors
View Posts
Latest News
View Posts
Markets
View Posts
Potash
View Posts
Regulators
View Posts
Russsia
View Posts
Social
View Posts
Supply Chain
View Posts
Sustainable Finance
View Posts
Technology
View Posts
Uncategorized
View Posts
ESG Telegraph ESG Telegraph
7K
9K
4K
1K
ESG Telegraph ESG Telegraph
  • Home
  • Latest News
  • Environment
  • Companies
  • Investors
  • Governance
  • Markets
  • Social
  • Regulators
  • Sustainable Finance
  • Companies

Tilney Smith & Williamson to be listed or sold by PE owners

  • February 6, 2022
  • Staff
Total
0
Shares
0
0
0

Private equity groups Warburg Pincus and Permira are preparing to list or sell wealth manager Tilney Smith & Williamson as they seek to exit their investment 18 months after a merger, according to people familiar with the situation.

The people said the wealth manager, the UK’s third largest with £56bn in assets under management, would be valued between £2bn and £3bn. Evercore had been appointed to advise on the sale, one of the people said.

One of the people said a secondary sale to private equity was a possibility, although an initial public offering was also being considered. A similar tactic was employed by Interactive Investor’s private equity owner JC Flowers, before UK-based asset manager Abrdn agreed to buy it for £1.5bn in cash in December.

Tilney, Warburg Pincus, Permira and Evercore declined to comment.

The prospective transaction comes on the heels of a flurry of dealmaking in the wealth and asset management industries in 2021 that is expected to continue this year, as firms compete to scale up and keep fees low.

Financial services deals in the UK hit a five-year record of 252 in 2021, according to consultancy EY, up from 134 in 2020. The number of wealth and asset management deals also doubled, with deal value increasing from £1.2bn to £10.5bn in the same period.

FT Asset Management newsletter

Our weekly inside story on the movers and shakers behind a multitrillion-dollar industry. Sign up here

Founded in Glasgow in 1881, Smith & Williamson was bought in 2019 by rival Tilney — which had been owned by Permira since 2014 — for £625mn, although concerns about the takeover raised by the UK’s Financial Conduct Authority delayed the merger for a year. Warburg Pincus injected £250mn into the group in 2020 to help get the merger with Smith & Williamson over the line.

“We are delighted to have successfully completed this major transaction against what is unquestionably a highly challenging economic backdrop,” Will Samuel, chair of Tilney Smith & Williamson, said when the deal closed.

Tilney’s assets were boosted by net inflows of £1.8bn in the first nine months of last year. Operating income grew to £395mn in the same period compared with £175mn a year earlier, reflecting the effects of the merger as well as organic growth, the company said.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You May Also Like
Read More
  • Companies

M&S tries to address criticism of rebuilding plans for flagship store

  • Staff
  • August 19, 2022
Read More
  • Companies

Privatising water was never going to work

  • Staff
  • August 19, 2022
Read More
  • Companies

WWE: body-slammed boss dives out as new champ grapples sale rumours

  • Staff
  • August 19, 2022
Read More
  • Companies

How Tiger Global withdrew its claws when the tech bubble burst

  • Staff
  • August 19, 2022
Read More
  • Companies

Dating apps should spark love across the political divide

  • Staff
  • August 19, 2022
Read More
  • Companies

DD and Marky Mark walk into a gym . . . 

  • Staff
  • August 19, 2022
Read More
  • Companies

Tensions with Moscow test Latvia’s welcome for Russian media exiles

  • Staff
  • August 19, 2022
Read More
  • Companies

EU braced for legal challenges to rules designed to tackle Big Tech

  • Staff
  • August 19, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Featured Posts
  • 1
    M&S tries to address criticism of rebuilding plans for flagship store
    • August 19, 2022
  • 2
    Investors fret over durability of summer rally in US markets
    • August 19, 2022
  • 3
    Privatising water was never going to work
    • August 19, 2022
  • 4
    Cineworld prepares for US bankruptcy filing
    • August 19, 2022
  • 5
    WWE: body-slammed boss dives out as new champ grapples sale rumours
    • August 19, 2022
Recent Posts
  • Net zero targets: Ask what you can do for your country . . . 
    • August 19, 2022
  • UK health body calls for upgrade to sewage system as beaches close
    • August 19, 2022
  • How Tiger Global withdrew its claws when the tech bubble burst
    • August 19, 2022

Sign Up for Our Newsletters

Subscribe now to our newsletter

ESG Telegraph
  • Home
  • Privacy Policy
  • Guest Post
  • Contact

Input your search keywords and press Enter.