U.K.-based investment and financial planning services provider Tilney Group Ltd confirmed media speculation that it was engaged in exclusive discussions with Smith & Williamson Holdings Ltd. to merge.
A merger would create an entity with combined assets under management of more than £45 billion, according to an Aug. 19 statement.
The group added that it is uncertain whether the talks will result in a deal and that it will make an announcement on the matter when appropriate.
The news was also confirmed in a separate statement by Canada-based AGF Management Ltd. which, according to S&P Global Market Intelligence data, owns a 29.94% stake in Smith & Williamson.
