Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

3i sells majority stake in Bestinvest to Permira

3i sells majority stake in Bestinvest to Permira

Private equity group 3i has sold its majority stake in Bestinvest to Permira for an undisclosed sum.

The stake sold by 3i and others funds generated total proceeds of £45 millon. 3i will receive proceeds of around £25 million, which it says is a £19 million uplift to the wealth manager's June 2013 valuation.

The private equity group bought a stake in Bestinvest in August 2007 and claims credit for bringing in chief executive Peter Hall and chairman Mike Covell as part of a wider management restructure.

It also helped develop a period of investment in the business, led by Hall (pictured), which included relaunching its online service and creating a national adviser network through the initial acquisition of Haines Watts Financial Services in 2010. 

Ian Lobley, a partner at 3i, said: 'During 3i’s investment, Bestinvest has been transformed as a business and continued to grow, despite some challenging times in the financial markets. 

'Today Bestinvest has around £5 billion of funds under management and a strong reputation in the industry. As Bestinvest enters a new phase of development we thought now was the time for us to realise the value created with the management team and introduce a new partner to support the company’s future growth.'

Hall added: '3i has been a strong and committed partner for Bestinvest and we are hugely grateful for their support.  Together we have been able to successfully develop the business to a stage where we are widely recognised as a major beneficiary from the changing regulatory landscape and are exceptionally well-positioned for future growth.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter