Bridgepoint acquires UK asset manager

The European mid-market buyout house has announced its investment in UK asset management firm Tilney.

Bridgepoint has led an MBO at Tilney, an asset management firm focused on high net worth private clients. The transaction value and terms of the deal were not disclosed.
Tilney was a division of RBS's Charterhouse Group, until it was spun out in an unsponsored £5.5 million (€8.0 million; $10.3 million) management buyout in 1993. Today it offers services in multiple asset classes including equity, fixed interest, commercial property and hedge funds, and manages more than £5 billion in capital.
Bridgepoint is a European private equity firm that invests in companies with a market value of up to €500 million. It has offices in London, Frankfurt, Paris, Stockholm, Milan, Madrid and Birmingham.
Although this is Bridgepoint's first investment in a fund management company, it has experience of investing in the financial services sector. Its previous activity in the sector included the €104 million MBO of 1st Credit, a debt purchasing and collection business, in January 2005; and its investment in Opus, the UK regional broking and group benefits consulting firm, which was sold to Willis Group Holdings at the end of 2004.
According to figures from Initiative Europe, private equity investment in companies in the financial services sector across Europe almost doubled by volume last year, from eight in 2003 to 15 in 2004.