WH Ireland snaps up ailing rival’s business and assets

STOCKBROKING firm WH Ireland has bought the private wealth management business of Tenebris Realisations Limited (formerly Seymour Pierce Limited) from administrators.

WH Ireland (WHIL), which has an operation in Birmingham, has also bought related assets which include Tenebris’s private client list and the assets under management relating to those clients, valued at approximately £270m. These will transfer to the control of WHIL.

In the financial year ended 30 September 2012, the acquired assets generated a profit of approximately £0.2m for Tenebris. The consideration of £25,000 was paid by WH Ireland in cash on completion of the transaction.

The transaction increases WHIL’s total assets under management by approximately 15%.

Richard Killingbeck, WHIL chief executive officer, 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.”