Towry flotation plans put on hold
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Towry chief executive Andrew Fisher has put the company’s planned stock market flotation on hold, The Mail on Sunday reports.
The initial public offering has been shelved due to turbulent market conditions, according to the paper.
Fisher is also reportedly lining up potential acquisitions in 2013 and 2014 as the firm aims to reach £60bn in assets under management.
In September, the FSA fined Towry Investment Management £494,000 for providing misleading information to the FSA and for client money breaches.
Towry is currently waiting to hear the verdict in the case in which it is seeking £6m damages from Raymond James and seven former Edward Jones advisers over alleged client solicitation.
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Readers' comments (3)
Gary | 9 Jan 2012 10:27 am
Mr Fisher quotes returns on his portfolio's of about 1% loss over the last 12 month compared to around 4% loss on comparables.
while Towry are very secretive about their performance, Trustnet have 3 Towry portfolio's within Standard Life's Pension offering who have provided the following returns: 0-35% equity- loss of 0.17% compared to benchmark growth of 4.37%; 20-60%- Equity loss of 3.31% compared to benchmark growth of 0.28% and 40-85%- Equity loss of 6.23% compared to benchmark loss of 4.08%.
I cant see where the benchmark beating results come from, maybe i'm not comparing the right funds!
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Alan Lakey | 9 Jan 2012 12:43 pm
I note that Andy continues to perpetuate the myth that Towry is fee-based and that the rest of us are commission-hungry predators.
Towry charges fees based on funds under management which is effectively the same as advisers taking trail. The difference is that Towry takes far more than 0.50% p.a.
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Julian Stevens | 9 Jan 2012 9:14 pm
In addition to the £494,000 fine from the FSA (and pay up quick, without arguing the toss, or we'll increase it by 43%) and TL's still ongoing litigation against a number of its former advisers (it may win, but £6m is a ludicrous and pernicious demand), let us not forget its exceedingly tattered reputation for customer service http://www.treatingcustomersshabbily.co.uk/.
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