Tilney Bestinvest acquires Towry for £600m
Tilney Bestinvest has agreed to acquire Towry from private equity parent Palamon Capital Partners for £600m ($853.4m, €748.8m).
M&A Deals
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Allianz to sell €4.5bn cache of Italian life policies
Insurance giant Allianz is looking to sell a portfolio of life insurance policies in Italy worth €4.5bn ($5.09bn, £3.6bn) as it struggles to cope with rock-bottom interest rates, Reuters has reported.
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Waverton buys 2CG Senhouse
Waverton Investment Management, formerly J O Hambro Investment Management, has acquired London-based long only investment boutique 2CG Senhouse, which specialises in European and southeast Asian equities.
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Private equity firms eye Old Mutual’s wealth arm
A number of US private equity firms are preparing bids for Old Mutual’s wealth division, with two funds rumoured to have already teamed up to make an offer, The Sunday Times has reported.
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China Post Global buys European ETFs from RBS
China Post & Capital Global Asset Management has acquired 10 Europe-listed ETFs from Royal Bank of Scotland as RBS continues its strategy of selling its non-core UK businesses.
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AFH drops bid for Lighthouse over ‘limited growth prospects’
IFA consolidator AFH has pulled out of a potential bid to acquire Lighthouse as it sees “limited growth prospects” for the national advice firm.
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J. Safra Sarasin buys Credit Suisse’s Gibraltar, Monaco arms
Swiss private banking firm J. Safra Sarasin is set to acquire Credit Suisse’s operations in Gibraltar and Monaco, the company has announced.
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Standard Life’s 1825 buys two firms in a week
Standard Life’s wholly-owned financial planning business, 1825, has agreed to acquire Scottish corporate and wealth management advice business Munro Partnership, having agreed to acquire Norwich-based Almary Green last week.
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Phoenix swoops in on Abbey Life
Closed book pension provider Phoenix Group is reportedly making a move on Deutsche Bank’s UK insurance unit, Abbey Life.
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SocGen buys Kleinwort Benson to create WM behemoth
Societe Generale has agreed to buy Kleinwort Benson’s UK and Channel Islands wealth management businesses for an undisclosed sum.
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Legg Mason announces Martin Currie merger
Global asset management firm Legg Mason has merged its subsidiary Martin Currie Global Funds (MCGF) into its Legg Mason Global Fund (LMGF), as part of a move to exploit greater economies of scale, the firm has revealed.
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Vestra to be majority owned by Switzerland’s LGT
Vestra Wealth is to become majority owned by Swiss wealth manager LGT after it struck a deal to acquire shares in the business from Vestra’s external investors.