The wealth manager and financial planner has continued its acquisitive shopping spree, despite insisting it would be concentrating more on its organic growth phase, this time swooping up Manchester-based private client and advisory firm, Midas.
Established in 2001, Midas provides discretionary, advisory and execution-only accounts services for its clients, as well as specialist inheritance tax related portfolio management.
The £162m book from Midas will be added to Tilney’s existing £23bn in assets under management.
Midas owner and founder Mark Sheppard explained that Tilney was “the right new home for our clients” because of the firm’s “similar ethos”.
“In Tilney we have found a firm focused on delivering a really personalised and professional range of services, with a strong commitment to the North West and with an excellent investment pedigree,” he said.
Tilney head of investment management in England, Alan Edwards, added: “We are delighted to conclude this agreement which will add to the really strong team Tilney has in its historic heartland of North West England, while providing continuity of relationships for Midas’s clients.”
Midas private client investment management director, Simon Reeks, will also be transferring to Tilney as part of the deal, as will senior settlements executive, Michael Waddington.
“Simon is a first class private client investment manager with great client relationships and I am confident he will play a key role in successfully growing our business further in the region,” Edwards commented.
The Midas duo will be based in Tilney’s Manchester office.
