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Hamptons and Towry Law in deal to build on Sipp changes

Hamptons International Mortgages and Towry Law are in talks over an introducer relationship that will see the two firms exchanging mortgage and Sipp-inspired business.

In a move described as an equal partnership between the two firms, the deal, which is expected to be finalised in the next few weeks, aims to capitalise on Sipp investment in residential properties.

Towry Law says it decided to seek a partner after realising it was unable to get critical mass in the mortgage sector for it to be a viable proposition within the company structure.

Towry Law’s interim results released on August 24 repor- ted profits of 1.6m compared with a 0.1m loss in the first half of 2004. In November 2004, the group cut its salesforce to around 160 advisers.

The link-up will be the second high-profile introducer arrangement between a mortgage and IFA firm. In June, John Charcol signed a strat- egic agreement with Hargreaves Lansdown.

Towry Law group managing director John Simmonds says: “The cultural nature of the two businesses is a natural fit. We have both been looking for an equal partner with the same values, reputation and brand awareness.”

Hamptons managing director Kevin Duffy says: “Towry Law made a strategic decision to simplify its business and we are keen to create a strategic alliance beneficial to both in this new and exciting field.”

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