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Permira to buy Deutsche's Tilney business

by Elsa Buchanan, Danielle Levy on Nov 26, 2013 at 15:08

Permira to buy Deutsche's Tilney business

Private equity group Permira is set to buy Deutsche Asset & Wealth Management's Tilney business, Wealth Manager can reveal.

Permira has beaten rival bidders and is in the final stages of talks to buy Deutsche's regional network and the bulk of the former Tilney business for an undisclosed sum. It is understood that Brown Shipley was in the running until a late stage.

The private equity house, which also has a stake in pension adviser Just Retirementbought Bestinvest in early November from 3i for an undisclosed sum.

Deutsche's UK wealth management business, led by Tom Slocock (pictured), is expected to retain a presence in London alongside the portfolios it runs for ultra-high net worth clients.The decision is understood to have been motivated by a desire to withdraw from the regions. The firm currently has offices in Birmingham, Edinburgh, Glasgow and Liverpool. 

Back in June, Wealth Manager broke the news that Deutsche was selling the former Tilney business.

Since Tilney was acquired in 2006 it has been largely loss-making for Deutsche, posting a £9.5 million pre-tax loss in 2012, following an £8.9 million loss in 2011. Due to problems in the UK property market and the decline in private client assets, it is thought that Deutsche will face a write-down, given that it paid around £300 million for Tilney in 2006. At the time it had some £6.7 billion in assets, including over £1 billion in assets from the property fund range it bought from Cardales.

At the end of 2012 Tilney's assets stood at £4.6 billion, down year-on-year from £5 billion, while the business also saw a decline in revenue after moving clients into a centralised investment service.

Deutsche declined to comment.

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