How one private equity firm’s giving Tilney another chance
One of the UK’s oldest financial service institutions is back on the scene.
RJ Tilney, which was founded in 1836 by brothers Robert and George, was a financial powerhouse in its native Liverpool back in the day but its name vanished in 2009 when German owners Deutsche Bank rebranded the company as Deutsche Bank Private Wealth Management, removing all semblance of the company’s rich history.
Today private equity firm Permira announced that it had acquired the firm – and promised it a new lease of life for the historic Tilney name. The company – which now has branches across the country – will be consolidated alongside Permira’s other financial services company, BestInvest.
“We think it’s a fantastic brand with a long history,” Permira partner Philip Muelder told City A.M. “It disappeared under Deutsche but we will bring the brand back and run it under the Tilney name.”
It’s not the first time Tilney has had to cope with a merger. Here’s three others from its past.
1. The outfit first merged with rival stockbroker Parr & Rae in 1957, moving into Liverpool’s operatic Grade II listed Exchange building, then called Sefton House after the merger to cope with increased numbers of partners at the firm. The Times reported the original deal in its edition on Monday 23 September 1957.
2. Into the 1960’s and the company was again on the acquisition trial, this time with another local rival when it morphed into Tilney Sing Parr and Rae, after taking over rival Sing & White, as reported by The Times on Monday January 3 1966.
3. Tilney’s growth finally reached its apex – or the start of its decline perhaps – after the Big Bang in the City in 1986, when it was acquired by Charterhouse Group (then owned by Royal Bank of Scotland) and moved into Liverpool’s iconic Royal Liver Building (pictured).
After this its star slowly waned, and it was eventually acquired by private equity group Bridgepoint in a management buyout, before being sold onto Deutsche. But today’s acquisition by Permira – and promise of a return to the Tilney name – might shows there’s life in the old brand yet.