IRISH WEALTH management firm Tilman Asset Management has been sold to UK investment manager Brewin Dolphin for close to €21 million, with an additional €15 million payable if performance targets are met in three years.
The sale of the low-profile Irish company, which has close to €1 billion worth of assets under investment, will potentially net 61 per cent shareholder and founder Ray Tilson an initial €12 million. Other shareholders include Matt Minch, who owns 11 per cent.
A holding company for the Odlum family has a 20 per cent shareholding.
In a tough environment for the private wealth management industry, the deal – and the price tag – has been viewed by those in the industry as significant.
Commenting on its decision to buy the company yesterday, Brewin Dolphin said that recent events in Ireland offer greater opportunity for private wealth management companies, as more clients are moving from banks and other established institutions.
Tilman Asset Management was founded by Ray Tilson, former head of private clients at Goodbody Stockbrokers, in 1995.
The company manages assets on behalf of about 700 clients, mainly high net-worth individuals and charities.
The company will be renamed Tilman Brewan Dolphin Limited following the completion of the sale. The company’s 16 staff will continue to be employed, with Ray Tilson staying on as managing director.
Speaking to The Irish Timesyesterday Ray Tilson said the price represented a "fair price for both sides".
He said that while the company will continue to provide the same level of service to clients, there is significant potential for growth.
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