Private equity group Permira is in exclusive talks to purchase Deutsche Bank’s wealth management arm, Tilney Private Wealth Management, according to a sources close to the situation.

One source said the sale of the division was likely to be finalised in the next two weeks.

Since the acquirement of Tilney by Deutsche Bank in 2006, which cost roughly £300 million, it has been largely loss-making for the bank, with a £9.5 million pre-tax loss in 2012. This followed a £8.9 million pre-tax loss in 2011. Their assets stood at £4.6 billion at the end of 2012, which is £2.1 billion less than their value at the time of the acquisition. Deutsche have been positioning to sell the branch since the summer.

The move by Permira follows their acquisition of Bestinvest earlier this month as they look towards moving more into the wealth management business.

Deutsche Bank and Permira declined to comment.

Patrick Brusnahan