AIM-listed financial services group WH Ireland has acquired Tenebris's private wealth management arm, formerly Seymour Pierce.
The Manchester based stockbroking firm paid £25,000 to buy Seymour Pierce, one of the oldest brokers in the City of London, out of administration. The deal boosts WH Ireland's managed funds by about 15%.
"The acquired assets include Tenebris's private client list and, as part of the transaction, the assets under management relating to those clients, valued at approximately £270m, will transfer to the control of WH Ireland," it said in a company statement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
WH Ireland Chief Executive Officer Richard Killingbeck said he was pleased to secure this agreement with the administrators of Tenebris.
"Part of our Private Client growth strategy is to seek to acquire private client teams and assets in existing WH Ireland office locations and this transaction will add considerably to our London based assets under management."
The group expects this transaction to be earnings enhancing during the year ending November 30th 2013.
Seymour Pierce fell into into administration last month after it struggled with falling revenue and fees during the Eurozone crisis and is now called Tenebris Realisations.
CJ
-
Could investing in sugar protect you during a downturn?Sugar has some defensive qualities during economic downturns, but is now the right time to invest in sugar?
-
Trump’s tariffs: how should the UK respond?Every right-thinking person knows that free trade is a surer route to the wealth of nations than protectionism. So, what is Trump thinking?
