England-based brokerage WH Ireland Limited (WHIL) has purchased the private wealth management business of Tenebris Realisations.
Based on terms of the agreement, Tenebris’s private client list and the assets under management relating to those clients, estimated at nearly £270m, will be transferred to WHIL.
The acquirer paid a purchase price of £25,000 in cash following completion of the transaction, and the new business will boost WHIL’s total assets under management by approximately 15%.
According to the financial result of 2012, the acquired assets generated a profit of nearly £0.2m for Tenebris.
Commenting on the acquisition, WH Ireland chief executive officer Richard Killingbeck said that the acquisition is part of the company’s private client growth strategy and to acquire private client teams and assets in existing WH Ireland office locations.
Further, it will boost considerably to its London based assets under management.
The company offers an array of stockbroking, wealth and investment management and corporate finance services to individuals, their families and companies.