Transaction Summary

On 19 September 2019, AGF Management Limited (“AGF”), a Canadian-listed (TSX:AGF.B) diversified global asset management firm, confirmed the merger between Smith & Williamson and Tilney to create a leading UK integrated wealth management and professional services group with over £45bn in assets under management and £500m of revenues.

AGF first entered the UK private client space with an initial investment in UK-based private client asset manager NCL (Securities) Limited in 1998, which later led to making a further investment into an enlarged company created by the merger of NCL and Smith & Williamson in 2002.

Smith & Williamson shareholders will receive consideration valued at £625m, satisfied through a combination of cash consideration and shares in the enlarged group. The transaction values the combined business at an enterprise value of approximately £1.8bn.

AGF

Founded in 1957, AGF is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With over $36bn in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

Smith & Williamson

Smith & Williamson is a leading financial and professional services group providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c.1,800 people operate from a network of 12 offices: London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.

Tilney

Tilney is a leading investment and financial planning group that builds on a heritage of more than 180 years. Its clients are private investors, charities and professional intermediaries, who entrust Tilney with over £25bn of their assets. Tilney offer a range of services including financial planning, investment management and advice and, through its Bestinvest service, a leading online platform for those who prefer to manage their own investments.  Headquartered in Mayfair, London, the Tilney Group employs over 1,200 staff across a network of 30 offices, enabling clients to be supported with a local service throughout the UK.

Role

SHP acted as financial adviser to AGF on the merger of Smith & Williamson and Tilney.