Private equity firm Permira has announced plans to combine Tilney, Deutsche Bank's regional wealth management business, and Bestinvest in order to form a standalone wealth manager with about £9bn of assets under management.
A company controlled by the funds of Permira is expected to complete the acquisition of Tilney's Birmingham, Edinburgh, Glasgow and Liverpool regional businesses from Deutsche Bank in the second quarter of 2014. Permira acquired 3i's majority stake in Bestinvest in November, generating total proceeds of approximately £45m. Following regulatory approval of both acquisitions, the Tilney brand will be re-introduced in the discretionary investment management market as part of the Bestinvest brand. Increased scale Permira partner Philip Muelder said the combined businesses would off...
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