The newly merged Tilney Smith & Williamson has set its sights on a digital drive with the appointment of a chief technology officer.
In an update yesterday (September 8) the wealth manager confirmed it had hired Mayank Prakash to oversee the integration of the Tilney and Smith & Williamson businesses.
Mr Prakash joins the company from FTSE 100 utilities group Centrica, having previously worked at the Department of Work & Pensions as its chief digital and information officer.
Tilney's takeover of its rival completed earlier this month creating a wealth manager giant responsible for £47bn in client assets.
Chris Woodhouse, group chief executive at Tilney Smith & Williamson, said working towards completing the merger had highlighted “the importance of investing in additional talent to strengthen the leadership team”.
Mr Woodhouse added: “Both Tilney and Smith & Williamson have invested heavily in new systems in recent years, enabling us to improve client experience and operational resilience.
“Mayank will have a key role to play ensuring a successful integration of the two businesses and driving new digital development and innovation to continually improve the services we provide to clients.”
Tilney Smith & Williamson now 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.
When the deal was first announced last September it was reported Tilney would be paying £625m for its rival.
Mr Prakash said: “While the sectors it operates in have overall been slow to adapt to the opportunities that new technology provides, both Tilney and Smith & Williamson have made major investments in new systems in recent years.
“I have been really impressed with the determination of the new group to embrace best-in-class technology and be at the forefront of digital innovation to the benefit of clients.”
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