Deutsche Asset & Wealth Management (DeAWM) has confirmed that it has agreed to sell the regional business of Tilney, a subsidiary of its wealth management business in the UK, to a company controlled by the Permira funds.
Tom Slocock, head of wealth management in the UK for DeAWM, said: 'Deutsche Asset & Wealth Management will continue to focus on providing wealth management services from our London office. We are expanding the range of high quality solutions we offer wealth management clients and their families.'
Permira will acquire the Tilney businesses in Birmingham, Edinburgh, Glasgow and Liverpool. The transaction is expected to be completed by the end of the second quarter of 2014.
The financial terms have not been disclosed.
Tilney will be combined with Bestinvest, which is also being acquired by Permira, subject to completion of the transactions.
Slocock (pictured) added: 'Tilney has a long and proud history of helping its clients manage their wealth. I am pleased for the team and its clients that Bestinvest and the Permira funds will support the business through the next phase of its development.'