Bestinvest merges with Tilney
You may recall that last year we announced that Bestinvest had secured the backing of the Permira funds to support our growth.
I am therefore delighted to announce that, subject to regulatory approval, the Permira funds will shortly complete the acquisition of Deutsche Bank’s UK regional wealth management business, known as Tilney, and combine it with Bestinvest. The new name for the enlarged group will be Tilney Bestinvest, reflecting the strength and heritage of both brands.
One of our key aims has been to expand the coverage of our local financial planning and investment management services across the UK. Tilney is a long-established and highly regarded private client business with offices in Liverpool, Birmingham, Edinburgh and Glasgow, so the fit between Bestinvest and Tilney is excellent.
Tilney Bestinvest will be a leading UK private client investment and financial planning group trusted with looking after more than £9 billion of assets for our clients. We will provide a broad range of services including investment management for private clients and charities, investment advisory services, financial planning and one of the UK’s leading online investment services for people wanting to manage their own investments. Tilney Bestinvest will have more than 40 offices employing about 400 staff.
The merger will enable us to help clients across the whole of the UK and across the wealth spectrum whether they want us to manage their portfolio for them, make their own investment decisions or need financial planning advice.
The outlook for Tilney Bestinvest is very exciting at a time when banks have retrenched from large parts of the advice market and radical reform of pension rules will create a real need for access to high quality, trusted advice. We therefore aim to double our financial planning team over the next two years to capitalise on this opportunity, as well as to enhance our investment services for financial advisers through our ‘Tilney for Intermediaries’ division.