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November 29, 2013updated 04 Apr 2017 2:41pm

Deutsche bank to drop out of HNW market

Deutsche Bank has started refocusing its UK private banking sector by selling its arms targeting the affluent and deciding to chase the ultra-wealthy.

By Verdict Staff

Deutsche Bank has started refocusing its UK private banking sector by selling its arms targeting the affluent and deciding to chase the ultra-wealthy.

The German bank is in exclusive talks with Permira, a private equity firm, to sell Tilney Investment Management, based in Liverpool, by the end of the year. One source said that the sale could even be finalised within the next two weeks.

Moreover, it is not only Deutsche which is undertaking this strategy. Barclays, HSBC and RBS unit Coutts are also beginning to focus more of their efforts towards attracting the ultra-wealthy, particularly those coming to Britain from abroad.

Tilney, bought by Deutsche in 2006 for around £300 million, has been making large losses sincethe acquisition with a £9.5 million pre-tax loss in 2012. Their assets are valued at £4.6 billion, over £2 billion less than their value in 2006.

Both Deutsche and Permira declined to comment on the sale.

It is not just the UK which is being affected by these changes. Earlier this week, Deutsche also sold their Russian asset manager, Deutsche UFG Capital Management, to investment group ATON.

 

 

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