Permira to buy Tilney's regional businesses from Deutsche Bank

February 27
1:39 PM 2014

Permira is set to purchase the regional businesses of Tilney, a statement about the acquisition said. Financial terms of the deal were not disclosed.

A company controlled by Permira's funds will be acquiring Tilney's operations in Birmingham, Edinburgh, Glasgow and Liverpool. The seller is Deutsche Bank. The purchase comes after last year's acquisition of Bestinvest. Although both purchases still need to be approved by regulatory authorities, Tilney and Bestinvest will be merged to form an independent wealth management firm in the UK that will manage about £9 billion of assets. The purchase of Tilney's regional businesses is set to be closed in the second quarter of this year, the statement said.

Permira Partner Philip Muelder said in the statement, "The UK wealth management industry has strong growth characteristics but is currently very fragmented. In combining Tilney and Bestinvest, we will bring together two highly regarded firms to create a truly market leading, UK-wide standalone wealth manager that will offer a broad and complementary range of services. The combined business will benefit from the advantages of increased scale and full national coverage and will be ideally positioned to capitalise on the opportunities that are emerging from recent regulatory changes."

With the combination, Tilney and Bestinvest will complement each other's operations. They will be able to establish a presence nationwide and can serve customers from the different rungs of the wealth spectrum, from self-directed investors to wealthy individuals and their families, the statement said.

Tilney is a private client investment manager in the UK that provides personalized services to rich clients and their families. Established in 1836, it has £3.5 billion of assets managed or advised by its regional businesses. Once the deal has been completed, Tilney will form part of the much bigger Bestinvest group and will be re-launched under the discretionary investment management market, the statement said.

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