Smith & Wiliamson, the accountancy practice and wealth manager, is to rebrand as Tilney Smith & Williamson following a merger with UK peer Tilney.

The merged group will be the UK’s leading integrated wealth management and professional services business.

Smith & Williamson in Ireland is headed by Paul Wyse (pictured).

The combined business will be responsible for c.£44 billion in assets under management and will generate circa £530m million of revenue.

Ranked by assets under management, Tilney Smith & Williamson is expected to be the fourth largest UK wealth management business, and measured by fee income will be the sixth largest UK professional services firm.

In Association with

Funds advised by private equity investor Warburg Pincus will co-invest in the combined business alongside funds advised by Permira. The company said the deal structure will result in a significant reduction in debt, lower ongoing financing costs and an improved regulatory capital position.

AGF, Smith & Williamson’s largest shareholder, will fully exit its investment upon completion of the transaction, which is subject to regulatory approval.