Deutsche Asset & Wealth Management (DeAWM) has agreed to sell their Tilney business, a subsidiary of their UK operations, to the Permira funds.
Permira will acquire the Tilney businesses, giving Permira a further £9 billion assets under management. The European private equity group is understood to be looking at merging the business with Bestinvest, which it recently bought.
Tom Slocock, head of wealth management in the UK, said: "Deutsche Asset & Wealth Management will continue to focus on providing wealth management services from our London office. We are expanding the range of high quality solutions we offer wealth management clients and their families."
As exclusively reported by Private Banker International, Permira are planning to make one wealth management acquisition per year for the next five years.