Tilney Bestinvest is to acquire Towry in a £600million deal that will create Scotland' s biggest wealth management firm. Tilney has 55 staff in Scotland and Towry 70, including 13 in Aberdeen where Tilney is currently unrepresented. Tilney is to acquire Towry from majority shareholder Palamon Capital Partners and says the combination will create "one of the leading UK wealth management firms offering clients award-winning investment management alongside highly skilled financial planning on a national scale." The combined business will have responsibility for over £20billion of assets for affluent and high net worth clients.
The enlarged group will continue to use the Towry, Tilney and Bestinvest brands in different parts of the market while a review of future branding is undertaken. Peter Hall, chief executive of Tilney Bestinvest, will lead the combined group.
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