Wealth management firm Tilney Group has stepped up its expansion with the acquisition of Manchester-based Midas Investment Management.
Midas manages £162m of client assets through discretionary, advisory and execution only mandates, and it runs an inheritance tax planning portfolio service.
The deal will see the book of assets and clients move over to Tilney.
Simon Reeks, director of private client investment management at Midas, and Michael Waddington, the firm’s senior settlements executive, will join Tilney in its Manchester office.
After several years of aggressive growth through the acquisition of rivals, Tilney now looks after £23bn of client assets, according to the firm.
Tilney Group was created by the merger of Tilney and Bestinvest in May 2014. Last year the enlarged group grew further with the acquisition of wealth management firm Towry for a widely reported figure of £600m in October last year.
Alan Edwards, Tilney’s head of investment management in England, said: “We are delighted to conclude this agreement which will add to the really strong team Tilney has in its historic heartland of North West England, while providing continuity of relationships for Midas’s clients.
"Simon is a first class private client investment manager with great client relationships and I am confident he will play a key role in successfully growing our business further in the region.”
Mark Sheppard, founder and owner of Midas said: “I am proud that since 2001 we have built a business that has always put our clients first and so as Simon and I thought about the right new home for our clients, it was vital to find a firm with a similar ethos.
"In Tilney we have found a firm focused on delivering a really personalised and professional range of services, with a strong commitment to the North West and with an excellent investment pedigree. I wish Simon and Mike every success at Tilney.”
david.thorpe@ft.com
