Decision Nº M/06/074 from Competition and Consumer Protection Commission, 2006-11-17

Date17 November 2006
Decision NumberM/06/074
PartiesTilney Group Limited,Deutsche Bank AG
StatusCleared (Phase 1)
Merger Notification M/06/074 – Deutsche Bank/ Tilney
DETERMINATION OF MERGER NOTIFICATION M/06/074 –
DEUTSCHE BANK/TILNEY
Section 21 of the Competition Act 2002
Proposed acquisition by Deutsche Ban k AG of Tilney Group Limited
DATED 17/11/06
Introduction
1. On 27 October 2 006, the Competition Authority (“the Authority”), in
accordance with Sect ion 18 (1) of the Competition Act, 2002 (“the Act”)
was notified, on a mandatory basis, of a proposal whereby Deutsc he Bank
AG (“DB”) would acquire t he entire issued s hare capital of T ilney Group
Limited (“Tilney”) (“the proposed acquisition” ).
The Undertakings Involved
2. DB, the acquire r, is a German joint stock company active g lobally in a
variety of banking and financial services.
3. In the State, DB offers the following types of f inancial services:
corporate services – administration of Irish-based special purpose
companies on behalf of international compan ies;
asset m anagement services – operat ion of Irish-domiciled a nd/or
registered funds;
private wealth management services – through an agreement with Key
Capital, a Dublin-based firm specialising in corporate finance, capital
markets and private wealth manag ement, to develop a private wealth
management business; and,
customer service facility operation of customer service facility
serving customers of DB in Europe, M iddle East and Asia through which
customers maintain accounts i n the United States and European offices
of DB.
4. DB is listed on all German Stock Exchanges and on the New York Stock
Exchange. For the year ended 31 Decemb er 2005, DB’s t urnover in the
State was €[…] million of which €[…]
1
was attributable to t he provision of
asset management services to Irish-based c lients.
5. Tilney, the target, is a United Kingdom-based independent wealth
manager. It offers wealth management services to a broad base of United
Kingdom and international private clients, i ndependent fina ncial advi sers
and institutions. The target special ises in manag ing core invest ment
1
Of which €[…] was attributable to the provision of asset management services to private individuals
or ‘private wealth management’.

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