Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a659494
WH Ireland receives £270m boost from Seymour Pierce buy
by Daniel Grote on Feb 18, 2013 at 07:57
WH Ireland has received a £270 million boost to assets under management after buying the wealth management business of defunct broker Seymour Pierce.
WH Ireland has paid £25,000 for Seymour Pierce’s client list for its private wealth management business, which generated a profit of £200,000 in the year to the end of September 2012. Seymour Pierce entered into administration earlier this month, and Cantor Fitzgerald bought its corporate finance team in the aftermath.
The deal has increased WH Ireland’s assets under management by 15%.
WH Ireland chief executive Richard Killingbrek said the acquisition would strengthen the company’s London presence.
‘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,’ he said.
News sponsored by:
Today's top headlines
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.
More about this article:
Look up the shares
More from us
- WH Ireland swings into profit
- WH Ireland caught up in FSA insider dealing probe
- WH Ireland acquires 8,000 clients from troubled broker Pritchard
by Himanshu Singh on Dec 08, 2013 at 05:41