The strategic updates that form part of Smith & Williamson’s annual and interim reports and accounts are essential reading for followers of its protracted efforts to secure a London-listing for its shares.

Unfortunately, however, Smith & Williamson’s latest strategic report, presents a familiar picture. Its putative flotation, which appeared to move to the top of the strategic agenda following its rejection of Rathbones’ merger proposals in 2017, looks like it will now not take place before 2020.  

It seems that the work deemed necessary on its governance and business structure along with the in...