Bestinvest is set to change its name following the completion of its buy of Tilney, Deutsche's regional business
The £9.2 billion enlarged group will be renamed Tilney Bestinvest when the merger completes, which is expected to happen in June. The company will be led by Bestinvest chief executive Peter Hall (pictured). In the business-to-business market, the company will be known as 'Tilney for intermediaries,' run by Miles Robinson, to distinguish from the firm's direct-to-consumer offering.
Tilney for Intermediaries will service clients of 250 UK financial advisers, accounting for over £1.1 billion of the group's assets.
Bestinvest's management team will be strengthened, the group said, by the office heads from the four Tilney locations.
The combined firm will have around 400 employees, including 100 client advisers and investment managers. Gareth Lewis, CIO at Bestinvest, will lead the investment process. The combined firm will operate in 16 UK locations with permanent staff and major offices in London, Liverpool, Birmingham, Edinburgh and Glasgow. The overall business split will be 63% discretionary, 17% advisory and 20% execution only.
'Tilney has a rich heritage and we are excited to be reintroducing the brand into the market. We are very committed to the UK intermediary market, and believe that we can offer a top quality range of investment services,' Peter Hall, chief executive of Tilney Bestinvest, commented.
'Tilney for Intermediaries will be a major area of focus for the business over the coming years, both among UK advisers and as we look to build on the success we have had providing investment management solutions to the clients of our regional partner in Asia.'