Tilney Bestinvest buys Towry in £600m deal 04 April 2016

Tilney Bestinvest buys Towry in £600m deal

Tilney Bestinvest is to acquire Towry for £600m, ending months of speculation over the wealth manager’s future.

The combined business will have over £20bn of assets and will continue to use the Towry, Tilney and Bestinvest brands. In all the group will employ over 240 financial planners and 120 investment managers.

Tilney Bestinvest chief executive Peter Hall will lead the enlarged group.

Towry currently employs around 900 people, of which around 180 are advisers, and has 25,000 clients. All staff members are given shares in the firm “shortly after joining”.

Tilney Bestinvest chief executive Peter Hall says: “This is a transformational deal that will position the combined group as one of the leading UK wealth management firms providing both financial planning and investment management services.

“Recent changes to pensions have increased further the need for high quality financial advice and investment management and together we will be well placed to help people in this complex area. The combination of Towry and Tilney Bestinvest is compelling because both firms share a culture of aiming to provide the very highest levels of professional and personal client service. We will combine the best of both firms to create market-leading expertise.”

Towry chief executive Rob Devey says: “Towry and Tilney Bestinvest are an excellent fit with both firms having highly skilled teams that provide top quality financial planning and investment management services to clients. Moving forwards the combined business will be able to offer an even wider range of services for clients and career opportunities for employees in all parts of the UK.

“I am proud to have worked with Palamon to make Towry one of the national leaders in the UK wealth management sector.  It has been my privilege to lead the Towry business over the last two years during which time we have more than doubled profitability whilst driving strong improvements in client satisfaction. I am confident that the enlarged Group will continue to thrive under Peter Hall’s leadership.”