Corporate broking and financial advisory group WH Ireland has confirmed the acquisition of the assets from private wealth management group Seymour Pierce Ltd.
Seymour Pierce – one of the oldest brokers in the City – entered administration earlier this month and Grant Thornton was appointed to handle the case.
Subsequently, WH Ireland today confirmed the acquisition of Tenebris Realisations Limited (formerly Seymour Pierce Limited). “).
The acquired assets include Tenebris’s private client list and the assets under management relating to those clients, valued at £270 million.
In the financial year ended 30 September 2012, the acquired assets generated a profit of approximately £0.2 million for Tenebris. A consideration of £25,000 was paid by WH Ireland in cash on completion of the transaction.
WH Ireland said today’s transaction increases its total assets under management by around 15%.
Richard Killingbeck, chief executive officer of WH Ireland, said “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.
“We expect this transaction to be earnings enhancing during the year ending 30 November 2013.”