Midas swallowed by Tilney along with £162m portfolio

Manchester-based Midas Investment Group which has a book of £162m in client assets has been acquired by Tilney, the UK-wide investment and financial planning group.

Midas is a private client investment management and advisory business which was established in 2001 with additional offices in Liverpool, Altrincham, Greater Manchester and Knutsford in Cheshire.

It supports client assets through a combination of discretionary, advisory and execution-only accounts, as a specialist inheritance tax relief portfolio.

The transaction will see this book of assets and clients transfer to Tilney, along with Simon Reeks, director of private client investment management who has worked at Midas since its inception, and senior settlements executive Michael Waddington.

Both will be based in Tilney’s Manchester office at Hardman Street, where 25 staff work.

Alan Edwards, Tilney’s head of investment management in England, said: “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, added: “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.”

Tilney is an investment and financial planning group that builds on a heritage of more than 180 years when it was founded in Liverpool.  Its clients are private investors, charities and professional intermediaries who have £23bn in assets under management by the company