Permira announces that a company controlled by its funds is to acquire the regional businesses of Tilney* in Birmingham, Edinburgh, Glasgow and Liverpool from Deutsche Bank.
This follows the acquisition of Bestinvest, which was announced on 6 November, 2013. Subject to regulatory approval of both acquisitions, Tilney and Bestinvest will be combined to create a leading standalone UK wealth manager with c. £9 billion of assets under management, advice and administration. The acquisition of the Tilney regional businesses is expected to complete in the second quarter of 2014.
Tilney and Bestinvest are highly complementary businesses. The combined group will have a nationwide presence and service clients across the wealth spectrum, from self-directed investors utilising Bestinvest’s state-of-the-art online investment service through to high net worth individuals and their families requiring discretionary investment management and wealth planning.
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