Tilney's takeover of its rival is now complete and the company has been renamed as Tilney Smith & Williamson with immediate effect.
According to the group, despite the rebrand there will be no immediate changes to its existing client facing brands: Tilney, Smith & Williamson and Bestinvest.
The merged business now has more than £47bn of assets under management and is expected to generate an estimated £530m in revenues.
Tilney Smith & Williamson has roughly 290 investment managers, 265 financial planners and more than 140 professional services partners and directors located across the UK, as well as in the Republic of Ireland and the Channel Islands.
Will Samuel, chairman of Tilney Smith & Williamson, said: “We are delighted to have successfully completed this major transaction against what is unquestionably a highly challenging economic backdrop.
“This is not only a transformational moment for both of the previous businesses, it is also a significant development within the UK financial services sector, creating a scaled-up group with an unrivalled service proposition that can support clients with the management of both their personal wealth and business interests.”
Chris Woodhouse, group chief executive of Tilney Smith & Williamson, added: “Since we first announced the intention to merge a year ago, a huge amount of work has taken place to identify our respective strengths and plan the integration on a ‘best of both’ approach.
“Over the coming months, we look forward to integrating the businesses and creating a group that will be uniquely well-placed to meet the needs of clients.”
When the deal was first announced last September it was reported Tilney would be paying £625m for its rival.
But the merger required a revised structure when the FCA refused to approve it, and in April Smith & Williamson warned the global coronavirus pandemic had pumped the brakes on the deal.
The takeover was propelled forward in June when it secured additional backing from private equity firm Warburg Pincus in a move Tilney said would "significantly" reduce external debt for the combined business, lower ongoing financing costs and improve its regulatory capital position.
amy.austin@ft.com
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