Deutsche Asset & Wealth Management announces today that it has agreed to sell part of its Tilney business, a part of its wealth management business in the U.K., to Rathbone Investment Management Limited.
Tom Slocock, Head of Wealth Management in the U.K. for DeAWM, said: 'This sale completes the realignment of DeAWM's UK strategy towards ultra-high and high net-worth clients. We are expanding the range of high quality solutions we offer our clients and their families from our London office'.
The buyer will acquire the Tilney business in London, which comprises the Direct Investment team. The transaction is expected to be completed by the end of the second quarter of 2014. Financial terms were not disclosed.
Slocock added: 'The Direct Investment team has a loyal client base and a distinct investment approach. I am pleased that it will have Rathbones' support through the next phase of its development'.
This follows last month's sale of the Tilney businesses in Liverpool, Birmingham, Edinburgh and Glasgow to a company controlled by the Permira funds.
Tilney refers to the legal entities Tilney Investment Management and DB PWM Collective Management Ltd.