Deutsche Bank is selling its Tilney wealth management business to private equity firm Permira for an undisclosed sum.
Once the deal is completed, Permira plans to merge Tilney with Bestinvest, which it agreed to buy in late 2013. Money Marketing sister publication Fundweb tipped that Permira was in final talks about the Tilney deal in November.
Permira aims to complete the Bestinvest deal this month and to complete the Tilney acquisition by the end of June, at which point the two businesses will merge.
The Tilney business had been trading under Deutsche Asset & Wealth Management but Bestinvest says the Tilney brand will be resurrected as part of the deal. The business includes offices in Birmingham, Edinburgh, Glasgow and Liverpool.
Deutsche Bank will continue to provide wealth management services from its London office.
Permira partner Philip Muelder says: “The UK wealth management industry has strong growth characteristics but is very fragmented.
“In combining Tilney and Bestinvest, we will bring tog-ether two highly regarded firms to create a wealth manager that will be ideally positioned to capitalise on the opportunities emerging from recent regulatory changes.”