Tilney Bestinvest is to acquire London-based discretionary manager Ingenious Asset Management in a deal which would create a wealth management business with £11.2bn AUM.
In the latest M&A announcement from the wealth management sector, and just days after it was reported Tilney Bestinvest's owner Permira was seeking to take over Towry, the groups announced the acquisition is expected to be complete by April, subject to regulatory approval. Ingenious AM's £1.8bn of client assets and 41 staff will move across to Tilney Bestinvest under the deal terms, with Guy Bowles, chief executive of Ingenious becoming head of investment management (London) and David Rosier, chairman of Thurleigh Investment Managers, the wealth management firm Ingenious acquired in Apri...
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