Smith and Williamson plans IPO in late 2019

Smith and Williamson’s expected IPO will not get off the ground until 2019 the firm has predicted in its half-year financial report.

The firm has been rapidly expanding according to its “growth strategy”, with its fund administration arm recently breaking the £10bn mark, but said any listing on the stock market would not happen until late 2019.

David Cobb, co-chief executive at the firm, said: “Today we are fully focussed on creating value for our clients, shareholders and employees by successfully investing to deliver our growth strategy.

“In this light, we continue to prepare for a potential listing, and will be taking all the necessary steps to position the Group accordingly.

“This preparation, including the major steps we are taking to upgrade our technology platform, will take time, and we anticipate that we will not be in a position to list before the second half of 2019.”

The company had been in talks to merge with Rathbones, and even Tilney, earlier this year but backed out and instead chose to pursue a stock market listing.

Smith and Williamson’s funds under administration hit £10.7bn by end of October this year, up 16% over the first half of 2017 and 35% year-on-year.

Its operating income rose 10.7% year-on-year, hitting £130.1m in the first half of 2017, while combined funds under management and advice hit £20bn.

Kevin Stopps, co-chief executive of Smith & Williamson, said: “Against the backdrop of a rapidly evolving market, our focus on relationship-led expertise is exceptionally valued by clients and has again delivered strong results.

“Our strategy will allow us to better respond to, and take advantage of, market conditions and opportunities, including value accretive hires or acquisitions further enhancing our position as a leading adviser to private clients and their business interests.

“We will bring this to life with new programs for client experience, talent and infrastructure.”


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