Tilney Smith & Williamson, the £47bn wealth management and professional services group, has kicked off a search for a new chairman.

Sky News understands that the company, which was created by a £1.8bn merger last year, has hired the headhunter Russell Reynolds Associates to find a successor to Will Samuel.

Mr Samuel, a City veteran, has chaired TSB, the bank, Ecclesiastical Insurance Group and Howdens Joinery Group.

He currently chairs John Laing, the infrastructure investor.

Mr Samuel took the chairmanship of Tilney Bestinvest in 2017, prior to its merger with Smith & Williamson.

The deal completed last year following a capital injection from Warburg Pincus, the private equity firm.

It now ranks as Britain’s third-biggest wealth manager by revenues, and the sixth-largest professional services group by fee income.

Tilney Smith & Williamson is run by chief executive Chris Woodhouse, the former RAC and Debenhams executive.

City sources indicated that Mr Samuel was likely to step down in the next 18 months.

A spokesman for Tilney Smith & Williamson declined to comment.

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