Subject to regulatory approval, the deal combines two of the largest UK wealth managers with combined assets under management of more than £20bn.
The Towry deal will give Tilney Bestinvest – itself owned by private equity firm Permira – an additional 900 staff across 21 regional assets. Around 85% of Towry’s assets are in discretionary mandates.
The combined business will thus comprise over 240 financial planners and 120 investment managers operating from more than 30 offices across the UK.
Peter Hall, chief executive of Tilney Bestinvest, will lead the combined group.
“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,” he said.
“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.”
Palamon has held a stake in Towry since 2006, and last year completed the £97m take-private of Ashcourt Rowan, with £2.3bn of client assets.
