Permira In Deal For Money Manager Tilney

Feb 27 2014 | 12:10pm ET

Private-equity firm Permira has agreed to buy wealth-management business Tilney from Deutsche Asset and Wealth Management.

Permira plans to merge Tilney with Bestinvest, the investment adviser acquired by Permira last year. The combined business will have £9 billion in assets under management.

“This will propel the combined group right up to the top of the table in the U.K. market,” Bestinvest’s Jason Hollands said.

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