• Buyout firm would combine Towry with its Tilney Bestinvest
  • Sale may value company at as much as 600 million pounds

Permira Advisers, the private-equity owner of Tilney Bestinvest wealth management business, is the leading bidder for U.K. financial asset manager Towry Holdings Ltd., people familiar with the matter said.

The London-based investor has emerged as the strongest contender among the buyout firms and a sale may value Towry at as much as 600 million pounds ($863 million), said the people, who asked not to be named because the deliberations are private. Permira plans to merge Towry with its Tilney Bestinvest unit if it completes the deal, they said.

Permira has competed with other private equity firms interested in the asset, including CVC Capital Partners and Bain Capital, people familiar with the matter said previously. Towry provides financial advice and wealth planning services for individuals and families. It’s owned by its employees and buyout firm Palamon Capital Partners, according to its website.

No final decision has been made and Towry’s owners could still opt for a different buyer or decide against a sale. Spokesmen for Permira, Towry and Palamon declined to comment.

Permira bought U.K.-based Tilney, which was merged with Bestinvest, in 2014. The company now oversees more than 9 billion pounds in assets, according to its website.

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