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Tilney Smith & Williamson eyes significant opportunities with European advice firms in post-Brexit landscape

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Wealth manager Tilney Smith & Williamson is eyeing significant new business opportunities in Europe following the UK’s departure from Europe’s regulatory framework.

While most UK-based discretionary investment managers have found themselves shut-out of the market since the start of the year, Tilney Smith & Williamson, through its group structure and regulated subsidiaries, is unusually well-placed to continue to support financial advisers operating in Europe and their clients.

The push to extend its presence working with IFAs operating in Europe follows on from Tilney beefing up its international business development team last year on the eve of the merger with the recruitment of Maurice Keane as Head of International Business Development and colleague Jeremy Bezant from Rathbone Brothers. Working alongside Hariette Collings, Director, Business Development the trio have hit the ground running developing relationships with international firms of IFAs. In respect of IFAs operating in Europe, the opportunities have, unusually, improved since the UK left the EU as the competition from other UK-based discretionary managers has rapidly faded.

Maurice Keane, Head of International Business, says: “There has been a considerable amount of regulatory change in European in recent years, with certain local regulators determining that advisers must be regulated in the same jurisdiction as the client. With the UK having now left the EEA and Europe’s regulatory framework, the same regulators and pension trustees are now insisting that discretionary fund managers are also regulated in Europe.
 
“The UK has long been the go-to market for discretionary fund management groups, but the regulatory consequences of Brexit have had a profound effect on the ability of most UK-based discretionary fund managers, who are exclusively regulated by the FCA, to continue to operate in Europe and work with EU-based advisers. But for us as group, this has, frankly, created a fantastic opportunity.

“The Tilney Smith & Williamson group, is in an incredibly strong position in the post-Brexit landscape. Through Smith & Williamson Investment Management (Europe) Limited, a MiFID-authorised subsidiary regulated by the Central Bank of Ireland, we have an EU-domiciled hub with full MiFID passporting rights for the investment management services it provides from Dublin and an EU-based custodian in place. For unitised solutions, we also have a comprehensive suite of Dublin-domiciled OEIC funds in the Tilney Active Portfolios and Global Active Portfolios, which can be accessed by EU-based clients.

“This incredibly advantageous position when coupled our excellent investment pedigree as one of the largest private client investment managers means that we are pushing at an open door with European IFAs.”

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