Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

Tilney posts £13.6 million loss ahead of Permira deal

by Eleanor Lawrie on Jun 27, 2014 at 08:05

Tilney posts £13.6 million loss ahead of Permira deal

Tilney Investment Management made a £13.6 million loss in 2013, including client redress provision of £7.2 million, ahead of its sale to Permira.

The company also had to pay out almost £5 million in a ‘goodwill impairment charge’, £1.9 million in professional fees related to the redress and £1.1 million in systems costs. Total losses at £13.6 million were up from £9.5 million in 2012, and marked the firm’s fifth year in the red.

Tilney has also made a further £7.6 million provision for compensation and redress costs for this year.

Tom Slocock, the UK head of Deutsche Asset & Wealth Management, and previously chief executive of Tilney IM, said in the results that ‘the company is expecting a return to profit in future periods following the completion of a number of initiatives’ that led to the costs.

Tilney has posted pre-tax losses running into the millions since 2009, and as of the end of last year, assets under management had fallen to £4.6 billion, down from £6.7 billion when Deutsche Bank acquired it in 2006.

It has had to pay out millions in compensation after its Glanmore Property fund was hit by the financial crisis and according to its website, investors currently face a wait of up to 72 months on redemptions.

Bestinvest parent group Permira bought Tilney for an undisclosed sum earlier this year and has merged the businesses.

Tilney declined to comment.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets

From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Deutsche Bank AG (0H7D.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet