Tilney Smith & Williamson is looking to snap up the wealth management arm of Punter Southall to bulk up its assets ahead of a stock market flotation, according to the Times.
Tilney Asset Management merged with Smith & Williamson last year in a deal which brought the group’s total assets under management to £47bn, and around £530m of pro forma revenue, making the company the third-largest UK wealth manager at the time, ranked by revenues.
Headed by former RAC boss, Chris Woodhouse (pictured), Tilney S&W bought HFS Milbourne for an undisclosed amount last week, acquiring £450m worth of assets and 30 staff. Tilney S&W has also acquired a number of other businesses of late including Moore Stephens, Midas, Index and Webb Holton.
Punter Southall Wealth was founded through the merger of Punter Southall’s planning division with Psigma Investment Management in 2019. The deal, which cost £452,430 saw Punter Southall Wealth takeover around £3bn of Psigma’s assets under management. However, pre-tax profits fell 28.5% to £3.5m in 2019 due to the costs of the merger, according to its full-year report for 2019, released in August last year.
The company also predicted reduced revenues for 2020 of between 15% to 20% “as a result of lower equity market levels impacting wealth management and financial planning fees and reduced activity from financial planning private clients impacting advices fees”.
Tilney Investment Management saw the Times article but declined to comment.
