WH Ireland snaps up Seymour Pierce assets

STOCKBROKING firm WH Ireland has bought the private wealth management business of Seymour Pierce.

The London-based broker went into administration earlier in the month and is now registered Tenebris Realisations Limited.

WH Ireland, which has a base in Manchester, has also bought related assets which include Tenebris’s private client list and the assets under management relating to those clients, valued at around £270m. It paid £25,000.

In the financial year ended 30 September 2012, the acquired assets generated a profit of approximately £200,000. The transaction increases WH Ireland’s total assets under management by approximately 15%.

WH Ireland’s chief executive Richard Killingbeck said: “WH Ireland is very pleased to have been able to secure this agreement with the administrators of Tenebris.

“Part of our private client growth strategy is to seek to acquire private client teams and assets in existing WH Ireland office locations and this transaction will add considerably to our London-based assets under management.”

On February 8 Cantor Fitzgerald Europe confirmed it had acquired Seymour Pierce’s broking business.