Tilney Smith & Williamson  

Tilney Smith & Williamson to rebrand as Evelyn Partners

Tilney Smith & Williamson to rebrand as Evelyn Partners
Chris Woodhouse, Tilney Smith & Williamson's group chief executive

Tilney Smith & Williamson will rebrand to Evelyn Partners in the summer to reflect “consolidation” following its 2020 merger.

In its results published today (March 1), the financial planning group said the new name reflected “the fact that the business is now one firm” with a single purpose of creating “a broader, integrated offering” to its clients. 

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.

A new face

The integration of Tilney and Smith & Williamson is “substantially completed”, according to the financial planning group.

“With new operating models largely implemented, teams and investment process combined, [and] good progress made in consolidating office locations and run rate cost synergies achieved ahead of target,” it said.

Tilney Smith & Williamson's rebrand

The decision to rebrand as Evelyn Partners was “based upon detailed research among clients and staff”, according to the firm.

The name originated from Smith & Williamson’s co-founder Andrew Williamson, who was from Evelyn Gardens - a garden square in Chelsea, London. In 1883, Williamson “pioneered” the firm’s UK-wide expansion from this address.

“The move heralded a period of growth and transformation, much like the one we are experiencing today on the back of our merger,” the firm said.

Wealth manager Tilney purchased Smith & Williamson for £625m back 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.

Following the group’s latest rebrand this summer, Bestinvest will be retained as a separate brand, named ‘Bestinvest by Evelyn Partners’.

Woodhouse said the relaunch of Bestinvest in Q2 2022 will be "especially well-positioned to help the many millions of people who are not currently getting the support they need to make their money work harder and achieve their goals."

He concluded: "This is us making good on our statement of purpose to place the power of good advice into more hands."

In January, Bestinvest said it would offer “bite-sized” advice packages to better cater to self-directed investors, priced at £295 and £495.

Wider results

Elsewhere in its results, the firm reported that assets under management increased 12.7 per cent last year, from £51.2bn to £57.7bn last year.

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

Adjusted earnings before interest, taxes, depreciation also increased by 63.3 per cent in 2021, from £115.4mn to £188.4mn.

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

“We have both operational and financial strength and a large and growing pool of talent. We now have an unrivalled service proposition that spans DIY investing, financial planning, investment management and tax advice to help clients manage their personal wealth, alongside an extensive range of professional services for businesses.