The European Commission has approved plans for accounting firm Smith and Williamson (S&W) and Tilney to merge.
The £625m merger, which is supported by private equity firm Permia, is reportedly about to create £1.8bn worth of business as well as £500m annual revenues. Alongside an EBITDA of £150m.
The merger which was announced earlier this year will see the combined firm be named Tilney Smith and Williamson (TSW) and will include around 280 investment managers longside 260 financial planners who will be responsible for over £45bn of client assets.
The deal will also result in TSW having 150 partners and directors.
Chris Woodhouse, chief executive of Tilney said: “The merger of Tilney and Smith & Williamson represents a compelling combination and together we will look to build on the considerable and complementary strengths of both firms.”
David Cobb and Kevin Stopps, co-chief executives of Smith & Williamson said they “delighted” to be merging with Tilney.
They said: “The enlarged group will be a leading wealth management and professional services business, benefiting clients and colleagues in both companies.The investment management and professional services market is changing rapidly, with the evolution of client needs accelerating.”