In Focus: Profitable advice business  

Tilney Smith & Williamson becomes Evelyn Partners

Tilney Smith & Williamson becomes Evelyn Partners

Tilney Smith & Williamson has today (June 14) rebranded to Evelyn Partners after completing its brand consolidation on time.

The group had announced in March that it would consolidate most of its brands under new name Evelyn Partners following its 2020 merger between Tilney and Smith & Williamson.

Bestinvest, the online investment platform for DIY investors, will be retained as a separate brand as Bestinvest by Evelyn Partners.

The new name reflects the business's unity, it said. It is a reflection on Evelyn Gardens, the 1893 London address of one of the founders of the business, and the firm's emphasis on being a partnership.

Chris Woodhouse, chief executive of Evelyn Partners, said: “Today marks a new chapter for the business, one that celebrates the integration of our heritage businesses and reflects that we are one firm united by our purpose - to place the power of good advice into more hands.

"I’d like to take this opportunity to thank all our staff, clients and intermediaries who’ve given their time to provide their thoughts on our brand and those who have assisted in its development and implementation.

"We look forward to upholding our high standards for client service under our new name and brand identity."

Wealth manager Tilney purchased Smith & Williamson for £625mn in September 2019.

Both firms had investment management operations, while Tilney also owned the Towry financial advice business, which it bought in 2016, and the Bestinvest direct-to-consumer platform. Today, the combined entity said it owns offices across 26 towns and cities.

In the firm's latest annual results for 2021, the firm reported assets under management had increased 12.7 per cent, from £51.2bn to £57.7bn.

The group cited “record gross new business inflows” of £6bn, with net business inflows also jumping £1.8bn, from £700mn to £2.5bn. This offset a rise in outflows of £900mn, from £2.6bn in 2020 to £3.5bn in 2021.

“Notwithstanding current market volatility and the dreadful events unfolding in Ukraine, we have very strong foundations in place for future growth,” said Woodhouse at the time.

The business also said it “continues to explore” opportunities for growth through acquisitions, after it bought wealth management business HFS Milbourne in May 2021 which added £376mn in assets.

carmen.reichman@ft.com