Tilney Smith & Williamson has promoted one of the UK’s top tech transformation specialists Mayank Prakash to chief operations officer amid reports it is looking to buy Punter Southall Wealth and eyeing a stock market listing.
Prakash joined from FTSE 1oo utilities group Centrica last September to become Tilney Smith & Williamson’s chief technical officer and lead the newly merged wealth manager’s digital transformation.
On Thursday the firm said, in addition to his CTO duties, Prakash would also be taking over for current COO Reid who is set to retire at the end of May.
Prakash will step into the role on 1 April, while Reid, who has been with Tilney for 11 years, will take on a part-time advisory role after he retires.
News of his promotion follows hot on the heels of reports that Tilney Smith & Williamson is looking to snap up the wealth management arm of Punter Southall in a bid to boost its assets ahead of a possible stock market flotation.
Prakash, who is one of the UK’s most influential names in tech, has led wide-scale digital transformation programmes across the public and private sector, including Avaya, iSoft, Sage and, most recently, Centrica.
He also spent four years as chief digital and information officer at the UK Department of Work & Pensions (DWP), looking after the UK’s biggest IT and operations estate and providing digital services for 13 million people.
Mayank Prakash has already made ‘significant impact’
According to Tilney Smith & Williamson, Reid has been working with Prakash on the handover since his arrival last year.
Chief executive Chris Woodhouse said Prakash “has already made a significant impact” since joining the business.
“As the new chief operations officer, Mayank will continue to drive our digital investment and innovation agenda forward alongside leading our operations teams to deliver excellent client experience and support the scalability of our fast-growing business,” he added.
Woodhouse went on to thank Reid for his “huge contribution to the business” during “a period of significant growth and change”.
“We wish Donald well for his retirement and are delighted that we will continue to have access to his counsel in his new advisory role.”
Earlier this month Tilney Smith & Williamson bought HFS Milbourne for an undisclosed amount, acquiring £450m worth of assets and 30 staff. It has acquired a number of other businesses lately including Moore Stephens, Midas, Index and Webb Holton.
