AGF Management Ltd. is merging its UK-based subsidiary, NCL (Securities) Ltd., with Smith & Williamson, to create one of the U.K.’s largest independent integrated private client financial services firms.

Upon completion of the merger the combined NCL Smith & Williamson entity will have approximately £5 billion of funds under management. AGF, currently NCL’s largest shareholder, has committed to subscribe up to £32 million ($80 million) of new capital to Smith & Williamson and will own an approximately 30% interest of the enlarged business.

Fund management will account for around 50% of the revenue of the new firm with the balance derived from the provision of tax, private banking, accounting and other services.

The new group plans to seek a listing on the London Stock Exchange in due course. The agreement is expected to be completed on or around October 31.

The merger will create a private client investment management business able to devote increased resources to client services as a result of its joint operational efficiencies and management team. Smith & Williamson currently has more than 120 partners and directors and a total complement of around 800 with eight offices in the U.K.. It was founded in 1881, while NCL has been in operation since 1986.

“This further positions AGF as a key player in the U.K. private client market,” said Blake Goldring, president and CEO of AGF in a news release.