Tilney to merge with Bestinvest as Permira sale agreed

Deutsche Asset & Wealth Management (DeAWM) has agreed to sell Tilney, a subsidiary of its wealth management business in the UK, to Permira, which recently bought Bestinvest.

Permira is the private equity firm which acquired the majority stake in Bestinvest from 3i in November last year. It will buy Tilney's businesses based in Birmingham, Edinburgh, Glasgow and Liverpool, and plans to combine them with Bestinvest. Tom Slocock, head of wealth management in the UK for DeAWM, said: "Deutsche Asset & Wealth Management will continue to focus on providing wealth management services from our London office. We are expanding the range of high quality solutions we offer wealth management clients and their families. "I am pleased for the [Tilney] team and its cl...