Permira Funds has completed the acquisition of a UK-based wealth manager Bestinvest.
Bestinvest provides a range of services including an online investment platform, investment advice, financial planning and portfolio management.
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The acquisition of Bestinvest by Permira was initially reported on 6 November 2013.
Philip Muelder, Partner in the Financial Services team at Permira, said: "The UK wealth management industry has strong organic growth characteristics but it also remains fragmented which presents consolidation opportunities. Bestinvest is exceptionally well positioned on both fronts."
Recently, Permira has agreed to acquire the Tilney businesses, giving Permira further £9 billion assets under management.
Peter Hall, CEO of Bestinvest, said: "We now look forward to an exciting new chapter in our development with the backing of the Permira funds. In particular the recently announced intention to acquire the regional business of Tilney with Bestinvest will allow the wealth manager to service clients across the wealth spectrum whether they want to make their own investment decisions, benefit from a trusted adviser or for us to manage a portfolio for them."
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