Wealth managers Tilney and Smith & Williamson are in talks to merge in a deal that would lead to a combined £45bn in assets under management, reports suggest.
Tilney, which was acquired by buyout group Permira five years ago, manages £24bn worth of assets and has a large financial planning business and Bestinvest, an online business.
S&W, meanwhile, has assets of £21bn and its large accountancy division, including tax advisory, which are attractive to a growing Tilney, the Sunday Times and the Financial Times report.
If the deal goes ahead, the combined business would have about 250 financial planners, 240 investment managers and more than 100 partners in professional services.
Any deal would see both brands retain their name, the reports said, but a final agreement is “far from certain” at this stage, sources said.