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Tilney and Bestinvest set to create £9bn wealth company

Permira has said it will merge Tilney, the wealth manager it is acquiring from Deutsche Bank, with Bestinvest to create a “leading standalone wealth manager” with roughly £9bn under management.

The acquisition of Tilney by Permira is set to complete in the second quarter and follows the company’s move in November last year when it bought Bestinvest.

Permira said subject to regulatory approval, both businesses would be merged to create a company with £9bn of assets under management, advice and administration.

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“Tilney and Bestinvest are highly complementary businesses,” Permira said.

“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.”

It added besides Tilney’s “long-established private client” business it also had “strong relationships providing investment management services to UK financial advisers”.

“It has £3.5bn of assets managed or advised by its regional businesses, the majority of which are discretionary portfolios serviced by 58 relationship managers,” it added.

Following completion of the transaction and as part of the enlarged Bestinvest group, the Tilney brand will be re-introduced in the discretionary market.

Peter Hall, Chief Executive of Bestinvest, said: “This is an exciting development.

“The enlarged group will be a major standalone UK wealth manager, with nearly £9bn of assets. We will be completely committed to offering clients the highest standards of professional service and investment expertise.”