The mid-tier firm will separate its audit business into an entity called Nexia Audit. The firm’s partners will also become directors.
Then the new company, Smith & Williamson Limited, will become a separate business and acquire NCL’s shares for up to £32m from AGF, the fund manager’s largest shareholder. The merged group will transform into Smith & Williamson Ltd’s investment management division NCL Smith & Williamson.
The transaction is expected to be completed in October. Smith & Williamson has also said it plans to list on the London Stock Exchange, although it has not set a time on the listing.
S&W chairman Gareth Pearce said: ‘Incorporation allows us to grow our business and to raise the capital required to take advantage of current market opportunities.’
S&W is the third accountancy firm to become a company after Numerica and consolidator Tenon, which are both listed on the LSE.
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