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.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal