Towry flotation plans put on hold

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.