Tilney Bestinvest to acquire Towry for £600m

The sale agreement, which has been expected by the market for a few months, means Palamon will net some 13 times its invested capital. Towry is one of the largest independent wealth managers in the UK, with over £9bn of client assets, with 85% managed under discretionary investment mandates. The firm employs more than 900 staff across 21 regional offices. The merger, if approved by the regulator, will create the leading UK wealth management firm for affluent and high net worth clients. Palamon originally acquired John Scott & Partners, a wealth manager with £250m of assets, in 2003...