Deutsche Asset & Wealth Management (DeAWM) 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 (Rathbones).
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.
For more information please contact:
Deutsche Bank AG
Tel: +44 (0) 207 541 4816
Tel: +44 (0) 207 547 1605
Deutsche Asset & Wealth Management With €923 billion of assets under management (as at December 31, 2013), Deutsche Asset & Wealth Management is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
1 Deutsche Asset & Wealth Management is the brand name for the Asset Management & Wealth Management-division of Deutsche Bank AG and its subsidiaries. The responsible legal entities offering clients products or services of Deutsche Asset & Wealth Management are listed in the respective contracts, sales materials and other product information documents.
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