Tilney Smith & Williamson has roped in Mayank Prakash as its chief technology officer to spearhead the newly merged business’ digital transformation.
Prakash (pictured) is one of the UK’s most influential names in tech, having served as the chief information officer for Avaya, iSoft and Sage, as well as a managing director at Morgan Stanley Wealth and Asset Management.
He joins Tilney Smith & Williamson from FTSE 250 utilities group Centrica where he has spent the past two years overseeing the digitisation of 14 consumer brands.
Prior to Centrica, he spent four years as the UK Department of Work and Pensions’ chief digital and information officer, looking after the UK’s biggest IT and operations estate and providing digital services for 13 million people.
CEO hails high-calibre technology and operations leader
Tilney Smith & Williamson chief executive Chris Woodhouse said Prakash would bring a “huge amount of experience to the senior team,” adding he was delighted to welcome “such a high-calibre technology and operations leader to the business”.
“Mayank will have a key role to play ensuring a successful integration of the two businesses and driving new digital development and innovation to continually improve the services we provide to clients,” Woodhouse said.
Prakash is the latest heavy hitter to join Tilney Smith & Williamson’s senior ranks since the wealth manager finalised its merger on 1 September. It lassoed Edelman Financial Engines COO John Bunch to head up its advice and investment arm and poached Rathbones man Maurice Keane to lead its international business development team.
Ahead of its peers on tech integration
Prakash called the merger between Tilney and Smith & Williamson a “transformational combination” and applauded the wealth manager for being ahead of its peers on integrating tech into its operations.
“While the sectors it operates in have overall been slow to adapt to the opportunities that new technology provides, both Tilney and Smith & Williamson have made major investments in new systems in recent years,” Prakash said.
“I have been really impressed with the determination of the new group to embrace best-in-class technology and be at the forefront of digital innovation to the benefit of clients.”
Following the merger, Tilney Smith & Williamson has £47bn in client assets under management, making it the UK’s third largest wealth manager.
