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Tilney Bestinvest hires TSB’s Will Samuel as chairman

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Tilney Bestinvest has appointed TSB Banking Group chairman Will Samuel as its new chairman.

Outgoing chairman Mike Covell is stepping back from his role after six years, the firm says.

Samuel guided TSB through its IPO after the separation from Lloyds Bank. Before then, he had been a senior adviser to the Prudential Regulation Authority.

Other past roles include vice chairman at asset manager Lazard as well executive and managing roles at Schroder Salomon Smith Barney and Schroders Investment Banking.

Covell says: “Will is highly respected in the City and brings a wealth of experience that will prove invaluable as the business faces the future with confidence. It has been an incredible experience serving as chairman these last six years and I wish Will, the management team and all the staff every success.”

Tilney Bestinvest chief executive Peter Hall says: “I would like to say a big thank you to Mike for his service as chairman over the past six years. This has been a period of major growth and development for the group. We are very fortunate to have Will as our incoming chairman, who will bring huge experience and expertise to our business.”

Samel’s appointment is subject to FCA approval.

As reported in May, Tilney Bestinvest saw its assets rise 4.5 per cent to £9.4bn in the 12 months to the end of 2015.

In the year, the firm generated £17.6m in profits on revenues of £69m. This compares to pro-forma full year revenues of £67.6m in 2014 from the two legacy businesses.

The figures are the first set of full year results since the merger of Tilney and Bestinvest in August 2014.

The results came ahead of Tilney Bestinvest’s acquisition of Towry, which Tilney announced in April 2016.

Last year the firm also completed the acquisition of £1.8bn investment manager Ingenious Asset Management with combined assets of £11.2bn.

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