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.
The deal has increased WH Ireland’s assets under management by 15%.
WH Ireland chief executive Richard Killingbrek, who replaced Paul Compoton (pictured) following his sudden departure, 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.