WH Ireland moves for 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 (WHIL), which has an operation in Leeds, 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.

Tenebris Realisations was formerly Seymour Pierce.

In the financial year ended 30 September 2012, the acquired assets generated a profit of approximately £200,000 for Tenebris. The consideration of £25,000 was paid by WH Ireland in cash on completion of the transaction.

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

Richard Killingbeck, WH Ireland’s chief executive, 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.”