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From IPO to IPO: 10 years in the life of Smith & Williamson

We highlight the major events at the company since it abandoned initial float plans.

Smith & Williamson has revealed its intention to float, 10 years after abandoning similar plans.

Back in 2007, the business appointed Panmure Gordon as book runner to prepare for a £300 million IPO. At the time, chair Gareth Pearce claimed to have received approaches from other companies looking to buy Smith & Williamson as well.

However, tough market conditions signalled that appetite for new listings was low, which resulted in the company shelving its original plans.

A very different beast now, let’s see if it works out this time around.

Here is a timeline of major events at the company since the 2007 float was put on hold.

Smith & Williamson has revealed its intention to float, 10 years after abandoning similar plans.

Back in 2007, the business appointed Panmure Gordon as book runner to prepare for a £300 million IPO. At the time, chair Gareth Pearce claimed to have received approaches from other companies looking to buy Smith & Williamson as well.

However, tough market conditions signalled that appetite for new listings was low, which resulted in the company shelving its original plans.

A very different beast now, let’s see if it works out this time around.

Here is a timeline of major events at the company since the 2007 float was put on hold.

Opens private client office in Dublin.

Smith & Williamson at the time said tha despite having an office in Ireland following a merger with tax accountant Oliver Freaney & Company, it would open a dedicated private client office in Dublin.

Appoints ex-Fidelity finance chief Robert Bogart to its board of directors.

Bogart left Fidelity in 2010 and moved to Canadian firm AGF, which is also a 30% shareholder in Smith & Williamson.

Launches global bond fund for Chris Lynas.

Lynas retired from the company in 2015.

Hires former Amundi director Rae Brooks.

At Amundi Brooks was director of the UK subsidiary from 2000 until 2011.

Poaches Quilter’s head of gross funds Nick Murphy, making him investment management director.

He joined the firm after 13 years at Quilter, latterly as private client manager.

Overhauls business to structure it as two LLPs within the holding company.

Chair Gareth Pearce said the main reason for the restructure was to make the idea of acquiring an interest in the business more attractive to key staff.

Hires former Newton UK equity income manager Tineke Frikkee.

Frikkee joined to manage the Smith & Williamson UK Equity Income Trust alongside Mark Swain, as well as provide input to various charity accounts.

Names David Cobb and Kevin Stopps co-chief executives while Andrew Sykes becomes chair.

Cobb and Stopps, who were in charge of investment management and banking and tax and business services respectively, became joint bosses on 27 September 2013.

Hires BlackRock duo Willie Hartley Russell and Geraldine Wright as partners on charities team.

Hires former M&G head of equities Ed Rosengarten to head up its funds division.

Rosengarten had also founded Eden Asset Management and oversaw its integration into City Financial.

Keith Jones, former Aviva boss, joins board as non-executive director.

Hires GAM private client boss Joe McLoughlin.

In April 2017, the firm also brought on McLoughlin's co-head Christian Flackett from GAM UK.

Major investment in the business results in profit dip from £41 million to £36 million. Headcount increases by 7% over the year.

Its financial results, covering the year to end of April 2016, also revealed a 3.4% rise in operating income to £222.5 million.

Sets aside £3.4 million to cover the cost of a tax dispute with HMRC over treatment of ‘goodwill payments’ to a team of wealth managers.

Rupert Phelps joins as a partner to head up its family office services.

Chief investment strategist Philip Lawlor exits.

Rathbones confirms it is in merger talks with the company, only to announce its termination 10 days later.

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