The private equity firms behind wealth management group Tinley Smith & Williamson are reportedly either looking to list the firm or sell it, according to the Financial Times.
The report said that PE groups Warburg Pincus and Permira are looking to exit their investment 18 months after the merger between Tilney and Smith & Williamson.
A secondary sale to a private equity firm is a possibility, but an initial public offering (IPO) was also being considered by the PE groups.
The wealth management group, which has £56bn in assets under management, would be valued between £2bn and £3bn, those familiar with the matter claimed.
See also: Tilney and Smith & Williamson merger a ‘game-changing tie-up’
Investment banking advisory firm Evercore has reportedly been appointed to advice on the sale.
Portfolio Adviser sister title International Adviser contacted Tilney Smith & Williamson, but the company declined to comment on the rumours.
Last year the Times reported the firm was eyeing a takeover of Punter Southall’s wealth management arm, which owns Psigma Investment Management, to bulk up assets ahead of a possible IPO. It was later sold to Canaccord Genuity Wealth Management.
In a recent trading update, Tilney Smith & Williamson CEO Chris Woodhouse (pictured) said the merger had created a “significant uplift” already. Over the first nine months of 2021, the wealth manager attracted £1.8bn in net flows, a massive leap from Tilney’s £560m over the same period in 2020. The group generated operating income of £395.4m.
The wealth manager has also been on a hiring kick, snagging senior hires for its investment teams in London, Exeter and Northern Ireland.
See also: Tilney Smith & Williamson hires ex-Barclays Wealth man for London investment team
