WH Ireland has confirmed Kuwaiti European Holdings is looking to buy a stake in the company.
The listed wealth manager released a statement on the stock exchange on Monday (19 September) to address press speculation around the intended acquisition.
Kuwaiti European Holdings is a investment company focused on health, leisure, and the property industries.
Earlier this year the chief executive of WH Ireland, Richard Killingbeck, said the company needed to expand.
In June, WH Holdings made a deal with SEI’s wealth platform in a move away from stockbroking to more traditional wealth management.
At this point in time Mr Killingbeck said: “Let’s fast forward a year and say the migration has gone smoothly and our assets are on the SEI platform - we still have a fundamental issue and we are still too small.”
Shares in the company rose over 10 per cent between June and September as news of the deal between Kuwaiti and WH Holdings began to circulate.
As of 31 May WH Ireland held £2.7bn in assets under management.
It is believed the Kuwaitis are purchasing shares from investors including Lord Marland, former Conservative Party Treasurer, and Rupert Lowe, former chairman of Southampton Football Club. This is one of several recent purchases by Middle Eastern investors in city brokers.
