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Tilney NABs control of Clydesdale funds outfit
TILNEY Investment Management is to take control of the Clydesdale Bank's discretionary investment management business for an undisclosed sum.
The Scottish bank's owner, National Australia Bank (NAB), said the transfer of the funds business, which has 300 million under management, is expected to be completed by June.
Tilney is one of the largest independent wealth managers in the UK, with more than 12,000 clients and assets under management in excess of 5 billion.
Its deal with NAB also includes the Yorkshire Bank's discretionary investment management portfolio.
David Campbell, Tilney's Edinburgh-born chief executive, said: "The level of service and support we can offer these new clients will be significantly enhanced."
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