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An announcement from the two companies said the combined firm would have an annual fee income of more than £175m and employ 1500 people across all offices.

Smith & Williamson is the eighth-largest firm of accountants in the UK, and includes an investment management business with around £9bn in funds under management, including the £17m S&W Absolute Returns fund, £15.87m S&W Gold & Resources fund and £26.6m S&W Far Eastern Growth Trust.

Both firms are long-standing members of the global accountancy network Nexia International. They said this helped enabled them to develop close working relationships and identify a cultural match.

Gareth Pearce, chairman of Smith & Williamson, said both firms shared a commitment to providing a client-focused service to meet the financial needs of both the business community and individuals.

"The merger brings a number of advantages for clients," he said. "Smith & Williamson already has a presence in Ireland through our fund management business and our merger with Freaney’s complements this.

"Ireland is becoming increasingly attractive as a base for both individuals and corporates, which can only enhance the medium and long-term prospects for the country and boost demand for corporate advisory and private client services."