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Permira seals Tilney buyout, eyes Bestinvest merger for £9bn UK wealth manager

27 Feb 2014

Permira has finalised a deal to acquire the regional businesses of Tilney in Birmingham, Edinburgh, Glasgow and Liverpool from Deutsche Bank. 

Permira said it plans to create a standalone UK wealth manager with £9bn of assets under management, following the acquisition of Bestinvest in November, by combining the two complementary businesses.

Founded in 1836, Tilney is a private client investment manager with £3.5bn of assets managed or advised by its regional businesses. In November last year it was reported that Deutsche was looking to sell the loss-making company for much less than the £300m it paid for the unit in 2006 due to its current financial shape and shrinking assets under management.

Philip Muelder, partner at Permira, said, “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.”

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