Wealth management group John Scott & Partners is to buy the Henderson owned independent financial adviser and insurance broker Towry Law for £37m.
All Towry Law staff apart from managing director John Simmonds, will transfer with the business on completion, which subject to regulatory approval is expected in March 2006.
JS&P, executive chairman Andrew Fisher will lead the integration of the businesses operationally and the Towry Law brand will continue to be used.
Founded in 1964, JS&P has over £500m under management and offers a discretionary investment management service both for private clients and pension funds. The principal shareholder in JS&P is Palamon Capital Partners, a European private equity firm.
Last year JS&P acquired the high net worth advisory firms, Holden Meehan and Aitchison & Colegrave. It has offices in London, Marlow, Bristol, Leeds, Glasgow, Edinburgh and Aberdeen.
Towry Law was established in 1958 and has ten offices in the UK. It was acquired in 2001 by AMP which operates chiefly in Australia and New Zealand. Towry Law became part of the Henderson Group plc, when AMP Limited de-merged its UK operations in 2003.
Fisher said: “The combined strength of Towry Law and JS&P will create a significant and powerful force in the professional financial services advice sector. We are very excited about the transaction and the prospects for the larger group.”