Tilney Smith & Williamson has appointed Bill McNabb, former chief executive of The Vanguard Group, to its board of directors.
The recently merged wealth manager and professional services group announced today (January 19) that Mr McNabb would join the firm as a non-executive director, subject to regulatory approval.
Mr McNabb served as Vanguard’s CEO for nine years, retiring in 2017, and was also the firm’s chairman from 2010 to 2018.
During his tenure, assets under management grew five-fold to $5.3trn (£3.9trn), making Vanguard the world’s largest mutual fund manager, and Mr McNabb oversaw a period of major product innovation as well as the build-out of the group’s advice service.
Will Samuel, chairman of Tilney Smith & Williamson, said: “Bill McNabb has an outstanding track record as a global heavyweight in the investment management industry and he is a well-known champion of good governance.
“We are delighted that Bill is joining the board of Tilney Smith & Williamson following the recent merger.
“[His] experience and insight will prove invaluable to Tilney Smith & Williamson as we complete the integration and embark on the next stage of growth and development.”
Since retiring from Vanguard, Mr. McNabb has served in a number of non-executive roles and is a board member of the listed groups IBM and UnitedHealth Group, as well as global legal services firm Axiom.
Mr McNabb is also on the board of a US corporate sustainability initiative — CECP: The CEO Force for Good — and the Philadelphia School Partnership, a non-profit organisation aiming to create educational opportunities for students from low-income families.
Tilney Smith & Williamson was created by the merger of Tilney Group and Smith & Williamson, which completed on September 1, 2020.
When the deal was first announced it was reported Tilney would be paying £625m for its rival.
Tilney Smith & Williamson now has roughly 290 investment managers, 265 financial planners and more than 140 professional services partners and directors. The firm is responsible for more than £50bn of client assets under management.
imogen.tew@ft.com
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