Permira, which earlier this month announced it had reached a deal to buy wealth manager Bestinvest, kept its cards close to its chest over Tilney but sources close to the discussions said “final talks” were taking place.
At the beginning of November – and following its Bestinvest deal – Permira said the UK wealth management sector remained fragmented with a host of subscale firms holding onto assets under the £3bn mark.
Bestinvest has around £5bn in assets and Permira has made no secret of the fact it is keen to broaden out its position within the wealth space. Tilney has largely been loss-making since Deutsche acquired it in October 2006 for £300m. A spokesperson for Permira declined to comment on its plans for further acquisitions, and on the stage of its talks over Tilney.
