Investment and financial planning group Tilney announced an agreement to acquire the assets of Manchester-based private client investment management and advisory business Midas Investment Management.

“Midas supports £162 million of client assets through a combination of discretionary, advisory and execution-only accounts as well as a specialist IHT relief portfolio management service,” said Tilney.

“The transaction will see this book of assets and clients transfer to Tilney, along with Simon Reeks, director of private client investment management who has worked at Midas since its inception, and senior settlements executive Michael Waddington.

“Simon and Mike will be based in Tilney’s Manchester office.”

Alan Edwards, Tilney’s Head of Investment Management in England, said: “We are delighted to conclude this agreement which will add to the really strong team Tilney has in its historic heartland of North West England, while providing continuity of relationships for Midas’s clients.

“Simon is a first class private client investment manager with great client relationships and I am confident he will play a key role in successfully growing our business further in the region.”

Mark Sheppard, founder and owner of Midas, said: “I am proud that since 2001 we have built a business that has always put our clients first and so as Simon and I thought about the right new home for our clients, it was vital to find a firm with a similar ethos.

“In Tilney we have found a firm focused on delivering a really personalised and professional range of services, with a strong commitment to the North West and with an excellent investment pedigree.

“I wish Simon and Mike every success at Tilney.”