AMP is set to buy UK national IFA Towry Law.
Money Marketing under- stands that the deal, which is being kept under wraps, follows the suspension of Towry Law's shares on February 23 pending a stockmarket announcement. At the time of suspension, the shares were valued at 200p, valuing the company at £84m.
Towry Law has around 300 advisers. The move is believed to be part of AMP's plans to develop its position in the UK market.
Australian giant AMP has a history of growth through acquisition since entering the UK by buying Pearl, NPI, London Life and Henderson Global Investors.
In London this week, AMP announced the integration of Pearl, NPI and London Life into AMP UKFS to create a platform for growth and to show its commitment to advice-led distribution although the original brands will remain for the time being. The advisers will become financial planners.
Towry Law has itself been on an ambitious acquisition drive over the past two years, buying rival IFAs Advizas (formerly Hogg Robinson), Hambro FraserSmith, Guthrie Harrington and Park Dale.
Towry Law marketing director Mike Bowman says he cannot comment due to Stock Exchange regulations.
AMP spokesman Ken McKay says: “We have heard lots of rumours and we do not comment on rumours.”