Tilney Bestinvest has completed the acquisition of Ingenious Asset Management, swelling the company’s assets to more than £11bn.
The acquisition, which was first announced on 5 February 2016, had been subject to regulatory approval.
With the completion of the transaction, all Ingenious Asset Management staff have today (3 May) relocated to Tilney Bestinvest’s offices in Mayfair, London.
Ingenious Asset Management has been renamed Tilney Asset Management and along with the group’s investment management and financial planning teams will operate under the Tilney brand.
As result of the acquisition Tilney Bestinvest’s assets under management and administration increase to more than £11bn, predominantly in managed portfolios.
Guy Bowles, formerly chief executive of Ingenious Asset Management, becomes head of investment management London for Tilney with immediate effect.
Peter Hall, chief executive of Tilney Bestinvest, said: “We are delighted to have completed this deal and to welcome our new colleagues to Chesterfield Gardens.
“The team at Ingenious Asset Management are very high quality professionals and their investment approach is complementary to our own so we believe this represents an excellent combination.
“Importantly it significantly bolsters our investment management team in London and further deepens our presence in the high net worth and ultra-high net worth client segments.”
The completion of the purchase of Ingenious comes just a month after Tilney Bestinvest bought Towry for £600m.
The sale of Towry will see Towry’s private equity backer Palamon Capital Partners net 13 times the capital it invested in the independent wealth manager, which has more than £9bn of client assets.
The deal came just two months after Tilney Bestinvest claimed rumours it was lining up a £700m deal for rival advice group Towry were “pure speculation”.