Smith & Williamson merges with Oliver Freaney & Company of Dublin
Smith & Williamson, one of the leading independent investment management, financial advisory and accounting groups in the UK, and Oliver Freaney & Company, the Dublin-based firm of accountants, tax and business advisers, are delighted to announce they are to merge. The combined firm will have an annual fee income of more than £175 million (221 million euros) and employ 1500 people across all offices.
Smith & Williamson is the eighth largest firm of accountants1 in the UK and includes an investment management business with £9.0 billion funds under management and advice, making it one of the largest private client investment managers in the UK.
Oliver Freaney & Company, which celebrates its 50th anniversary in 2008, has a staff of 75 with seven partners. It is a highly respected provider of accountancy, tax, financial and business advisory services to entrepreneurs and their businesses.
Both firms are long-standing members of the global accountancy network, Nexia International, which has enabled them to develop close working relationships and identify a strong cultural match.
Commenting on the merger, Gareth Pearce, Chairman of Smith & Williamson, said:
“This is an excellent strategic move for both firms and I am delighted that we are joining forces with Oliver Freaney & Company. Both firms share a commitment to providing a client-focused service to meet the financial needs of both the business community and individuals.”
Gareth Pearce continued:
“The merger brings a number of advantages for clients. Smith & Williamson already has a presence in Ireland through our fund management business and our merger with Freaney’s complements this. Ireland is becoming increasingly attractive as a base for both individuals and corporates, which can only enhance the medium and long-term prospects for the country and boost demand for corporate advisory and private client services. Our expertise spanning private client and investment management along with accounting, tax and corporate advisory enables us to support Oliver Freaney in expanding its offer to clients.”
Paul Wyse, Oliver Freaney & Company’s Managing Partner, will continue to lead the Dublin-based practice. He said of the deal:
“This merger represents a significant acceleration in the development of our practice and strengthens our offering to clients and our profile in the marketplace. We will have access to Smith & Williamson’s significant tax and business service division and will introduce, in time, its investment management service to clients. This merger creates a powerful independent alternative to the national firms, bringing more opportunities for clients and staff alike.”
Cunningham Coates, the premier Belfast private client stockbroker, is also a member of Smith & Williamson.