The long-awaited merger between Tilney and Smith & Williamson finalises on Tuesday (1 September) following the UK bank holiday weekend, the firms have confirmed, creating the £44 billion wealth manager called ‘Tilney Smith & Williamson’.

Tilney chief executive Chris Woodhouse will become head of the merged business, which is expected to turnover in excess of £500 million a year.

Both firms are expected to keep their individual brand names – at least for the time being – though the group will officially trade under the combined moniker.