Investment and financial planning group Tilney is to acquire the assets of Midas Investment, valued at £162m.
Established in 2001 and based in Manchester, Midas is a private client investment management and advisory business. It supports £162 million of client assets through a combination of discretionary, advisory and execution-only accounts, as well as a specialist IHT relief portfolio management service.
The deal sees the transfer of the assets to Tilney, together with Midas director of private client investment management Simon Reeks. He has been with Midas since its creation and will be accompanied by a further Midas employee, senior settlements executive Michael Waddington. Both will transfer to Tilney’s Manchester office.
Tilney’s Head of Investment Management in England Alan Edwards said: “We are delighted to conclude this agreement which will add to the really strong team 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.”
Founder and owner of Midas Mark Sheppard 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.”