In demand: Another wealth manager made a move for Smith & Williamson after its Rathbones merger talks emerged

William Turvill
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Smith & Williamson and Rathbones confirmed their merger talks earlier this month (Source: Getty)

Wealth manager Tilney made a move for Smith & Williamson after it emerged the firm was in £2bn merger talks with Rathbone Brothers.

The wealth management rivals confirmed earlier this month that they had entered exclusive discussions over a tie-up.

After news of the discussions emerged, Tilney, which is majority-owned by private equity firm Permira, is understood to have approached Smith & Williamson.

Sky News first reported that Tilney had made an all-cash offer for its rival but that Smith & Williamson expressed a desire to pursue a Rathbones merger deal instead.

Tilney, Smith & Williamson and Rathbones declined to comment.

News of competing offers for Smith & Williamson comes at a time when more mergers and acquisitions (M&A) are expected in the asset management industry, which is facing regulatory changes and the rise of passive managers.

Aberdeen Asset Management and Standard Life completed their tie-up this month, while Henderson Group and Janus Capital also recently merged.

Read more: Analysts expect more asset management M&A

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