Wealth manager drafts in TSB chairman to drive future business growth

Oliver Gill
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Sunrise Over Canary Wharf - The European Headquarters Of Numerous Major Banks
Tilney Bestinvest bought wealth management firm Towry from Palamon Capital Partners in April 2016 (Source: Getty)

One of the key players who oversaw the TSB split from Lloyds Bank will take over as chairman of a City wealth manager with over 150 years of history.

Will Samuel will add the role at Tilney Bestinvest to the same position he holds at TSB.

Outgoing chair Mike Covell hailed the appointment after six years in the role. He said: "Will is highly respected in the City and brings a wealth of experience that will prove invaluable as the business faces the future with confidence."

Read more: TSB moves to snap up £16bn Bradford & Bingley portfolio

Meanwhile chief exec Peter Hall thanked Covell for overseeing "a period of major growth and development for the group" that included a £600m purchase of rival Towry from Palamon Capital Partners.

However, Samuel said the firm's expansion would not stop under his tenure. He said: "Following the integration of the Towry group last year, it is now a very significant business in the UK wealth management industry and is well positioned for future growth.”

Read more: Wealth manager Tilney thinks it best to invest £600m to buy Towry

The appointment, which is subject to regulatory sign-off, further bolsters Samuel's already broad experience.

In addition to his position at TSB, roles occupied by Samuel include the chairmanships of Howdens Joinery Group plc, Ecclesiastical Insurance Group and HP Bulmer Holdings plc, and deputy chairman of Inchcape plc and as an non-exec director of Edinburgh Investment Trust plc.

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