UK-based independent investment management, financial advisory and accounting group Smith & Williamson is to merge with Oliver Freaney & Company, a Dublin-based firm of accountants, tax and business advisors.

The combined firm will have an annual fee income of more than £175 million ($343.8 million)  and will employ 1,500 people across all offices.

Smith & Williamson is the eighth largest firm of accountants in the UK and includes an investment management business with £9 billion funds under management and advice.

Oliver Freaney & Company this year celebrates its 50th anniversary and has a staff of 75 with seven partners.

Both firms are long-standing members of the global accountancy network, Nexia International.