WH Ireland has bought the private wealth management arm of Seymour Pierce out of administration for £25,000.
WH Ireland has also acquired related assets including the private client list and the assets under management relating to those clients, valued at approximately £270m.
Seymour Pierce was placed into administration last month.
The acquisition boosts WH Ireland’s funds managed by about 15 per cent. Seymour Pierce generated a £200,000 profit in the year ended 30 September 2012 the firm said today in a statement.
Killingbeck says: “WH Ireland is very pleased to have been able to secure this agreement with the administrators of Tenebris. Part of our private client growth strategy is to seek to acquire private client teams and assets in existing WH Ireland office locations and this transaction will add considerably to our London based assets under management. We expect this transaction to be earnings enhancing during the year ending 30 November 2013.”
In January, WH Ireland appointed Killingbeck as its new chief executive officer following the departure of Paul Compton in December 2012.
Compton’s sudden departure from the firm in December was quickly followed by reports that people familiar with events at the firm said WH Ireland’s compliance staff had raised concerns about a number of Compton’s share dealings through what are known as Suspicious Transaction Reports.