Bridgepoint to sell UK wealth manager Tilney to Deutsche BankDeutsche Bank has agreed to acquire Tilney Group, a UK wealth manager, from European private equity firm Bridgepoint and Tilney management. Financial details of the transaction were not disclosed but the deal could be valued at up to £350m, according to FT.com.
Tilney has assets under management of about £6.7bn and 330 employees.
Pierre de Weck, global head of private wealth management at Deutsche Bank and a member of the bank's Group Executive Committee, said, 'The acquisition of Tilney marks a significant move into the second largest wealth management market in Europe. Tilney provides a strong platform which will enable us to drive value from further consolidation in the UK market. Tilney is a significant player in UK wealth management with a strong management team and a proven track record. We see an excellent strategic fit with Deutsche Bank as we jointly strive for a market leading position in the UK.'
Bridgepoint provide private equity to companies in various industry sectors to fund buy-outs, buy-ins, growth and public-to-private transactions. The firm invests in companies capitalised at up to €1bn, with the ability to make equity investments up to €250m.
Copyright © 2006 AltAssets
Article is in the following categories:
Private Equity News» By News Type» Deal News
Private Equity News» By Region» Europe» Western Europe» United Kingdom
Private Equity News» By News Type» Deal News
Private Equity News» By Region» Europe» Western Europe» United Kingdom
