View more on these topics

AMP is poised to buy Towry Law

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&#39s 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&#39s 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.”

Recommended

Northern Rock joins mortgage cut wave

Northern Rock is cutting its standard variable rate by 0.25 per cent to 7.25 per cent in response to the Bank of England&#39s 0.25 per cent cut yesterday. The cut takes effect from May 1 for existing borrowers. Nationwide, Halifax and HSBC also announced they will pass on the full 0.25 per cent cut to […]

Majority of employers to contribute to stakeholder

Employees look set to benefit from the introduction of stakeholder as 60 per cent of employers who intend to offer a stakeholder scheme say they will contribute into the pension plan, according to research for Legal & General.The research, carried out by Taylor Nelson Sofres, also shows that 22 per cent of firms employing less […]

Insurance plan will cover RIs

An insurance scheme to help IFAs facing the prospect of challenges from financial regulatory bodies has been launched by Justice in Financial Services. The scheme from JIFS differs from PI insurance and is intended to complement, not replace, PI. Unlike standard PI cover, the scheme provides support to the registered individual. If an RI is […]

Unum takes over Zurich Life Group IP book

Unum has announced it is taking over Zurich Life&#39s group income protection business following Zurich&#39s decision to concentrate on individual protection. The 1,000 strong claims book will be managed by Unum subsidiary Claims Services International. The transfer took effect on April 1 and Unum says it will allow it to further its strong presence in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment