Tilney sold to Deutsche Bank

The transaction is expected to close in the fourth quarter of 2006 subject to obtaining necessary regulatory approvals and competition clearances. Financial terms were not disclosed.

The acquisition is a key element in Deutsche Bank's private wealth management strategy to expand its onshore presence in its dedicated core markets and expand into various client segments, including the Independent Financial Advisers sector.

Tilney is the fourth largest independent provider of wealth management services in the UK with assets under management of about GBP 6.7 billion (Euro 10 billion); it has 330 employees servicing a client base of over 15,000 and has a strong regional focus through a network of offices in Liverpool, London, Edinburgh, Glasgow, Birmingham and Shrewsbury.

Founded in Liverpool in 1836, Tilney has transformed itself in the past four years, making a number of strategic acquisitions as part of a product diversification strategy: the Pensions Partnership, a pension consultant (2003), the private client divisions of Edinburgh Fund Managers and SG Hambros (2003), Cardales, a specialist commercial property fund manager and service provider (2004) and the private client division of Clydesdale Bank / Yorkshire Bank (2006).

Pierre de Weck, Global Head of Private Wealth Management at Deutsche Bank and a member of the Bank's Group Executive Committee, said: "The acquisition of Tilney marks a significant move into the second largest wealth management market in Europe. Tilney provides a strong platform which will enable us to drive value from further consolidation in the UK market. Tilney is a significant player in UK wealth management with a strong management team and a proven track record. We see an excellent strategic fit with Deutsche Bank as we jointly strive for a market leading position in the UK".

David Campbell, Chief Executive of Tilney, said: "Our Company has an outstanding record of client service and strong growth in the UK and we are delighted to be part of Deutsche Bank. We look forward to leveraging Deutsche Bank's world class innovative products across traditional and alternative assets to extend the range of wealth management solutions we offer our clients."

Advisers involved in this transaction included: for Bridgepoint - Travers Smith and Pinsent Masons (legal), Deloitte (accounting); for Deutsche Bank - Freshfields (legal) and Ernst & Young (accounting).