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WH Ireland Buys Former Seymour Pierce Wealth-Management Unit

Feb. 18 (Bloomberg) -- 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.

To contact the reporter on this story: Liam Vaughan in London at lvaughan6@bloomberg.net.

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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