Wealth manager seeks merger

Tilney is in talks to merge with rival Smith & Williamson, in a deal that would create one of Britain’s biggest wealth managers with £45bn under management.

The talks, first reported by The Sunday Times, come after Smith & Williamson abandoned an attempt to combine with Rathbone Brothers, another competitor.

Tilney is controlled by the private equity firm Permira, while Smith & Williamson is mainly owned by its senior management, who following the collapse of discussions with Rathbone Brothers also explored a float.