Smith & Williamson to merge 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.
(1) Based on figures in the most recent surveys by Accountancy magazine and Accountancy Age.
For further information:
Gareth Pearce, Chairman of Smith & Williamson
Tel 00 44 (0)20 7131 4168
Paul Wyse, Managing Partner at Oliver Freaney & Co
Tel 00353 1 6142500
Website: http://www.ofcweb.com
Smith & Williamson Press Office
Tel 00 44 (0)20 7131 4228 / 4550 - Kate Harrison / Layisha Laypang
Oliver Freaney & Co Press Queries
Conor Dempsey, Slattery Communications
Tel: 00353 (0)1 634 2508/ 00353 (0)86 247 9892
Email: conor.dempsey@scomms.ie
Notes to editors
Smith & Williamson is a leading independent investment management, financial advisory and accounting group with over 1,400 employees. The firm provides a broad range of services including investment management, financial advisory services, tax, private banking and accountancy to private clients, professional practices, companies and non-profit organisations.
The group operates from offices in London, Belfast, Bristol, Glasgow, Guildford, Salisbury, Southampton, Maidstone and Worcester.
Smith & Williamson has won a range of awards including ‘Best High Net Worth Tax Team' (LexisNexis Taxation Awards) and ‘Private Client Accountancy Firm of the Year' (In Brief High Net Awards). The firm also gained the title of ‘Large Firm of the Year' at the Accountancy Age Awards for Excellence 2007.
Oliver Freaney and Company (OFC) is one of Ireland's leading firms of Chartered Accountants and Business Advisors. Since its foundation in 1958, OFC has acquired a wealth of experience in the creation of effective business and financial solutions for clients across all sectors.
Entrepreneurs and owner-managed businesses operating domestically and internationally have benefited from the service provided by OFC's experts in Business Consulting, Financial Planning, Taxation, and Auditing. The firm has guided and assisted many client companies as they grew from inception through rounds of development funding to their current standing. They have a particularly strong track record in providing hands-on support and advice required by owner-managed businesses. Just 20 minutes from Dublin city centre, OFC are based in Sandyford Business Park among some of the leading companies operating in Ireland today including Vodafone, Microsoft and First Active.
Oliver Freaney & Company is registered to carry on audit work and authorised to carry on investment business by the Institute of Chartered Accountants in Ireland
Nexia International is a network of independent accounting and consulting firms which ranks in the top ten. It has members in 97 countries and a turnover in excess of US$ 2.2 billion.
Formerly Spicer & Oppenheim International, Nexia International is one of the few accountancy networks born out of a genuine need to provide a cross-border capability for its clients, this capability being matched only by that of the 'global firms'.
Members of Smith & Williamson include:
- Smith & Williamson Limited
- Smith & Williamson Investment Management Limited
- Smith & Williamson Financial Services Limited
- Smith & Williamson Corporate Finance Limited
- Smith & Williamson Trust Corporation Limited
- Smith & Williamson (Bristol) LLP
- Cunningham Coates Limited
Nexia Smith & Williamson and Smith & Williamson Audit (Bristol) LLP are independent and provide audit services to complement the specialist financial services offered by members of Smith & Williamson
Smith & Williamson Limited
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International, a worldwide network of independent accounting firms.
Nexia Smith & Williamson and Smith & Williamson Audit (Bristol) LLP
Registered to carry on audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.
