WH Ireland Group Plc, a Manchester, England-based brokerage, agreed to buy the private wealth management arm of Seymour Pierce Ltd., a 168-year old British stockbroker, out of administration for 25,000 pounds ($38,713).
The division has assets valued at 270 million pounds, boosting WH Ireland’s funds managed by about 15 percent, and generated a profit of 200,000 pounds in the year ended Sept. 30, the firm said today in a statement.
“This transaction will add considerably to our London- based assets under management,” Chief Executive Officer Richard Killingbeck said. “We expect this transaction to be earnings- enhancing” in the current fiscal year, he said.
Seymour Pierce was placed into administration last month and is now called Tenebris Realisations Ltd. New York-based Cantor Fitzgerald LP agreed to buy Seymour Pierce’s corporate finance team on Feb. 8. Like other small, independent British stockbrokers, the London-based firm struggled with a squeeze on revenue and fees amid Europe’s debt crisis and competition from international firms.
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