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Tilney Bestinvest in £700m Towry takeover bid


The private equity firm behind Tilney Bestinvest is planning a £700m takeover deal of rival wealth manager Towry.

The Sunday Times reports Permira is “aggressively pursuing the deal”, which would see a combined group with assets under management of £18bn.

Tilney Bestinvest is understood to have denied claims that it is involved in a bid for Towry. Towry is also said to have held talks with private equity firm Bain Capital over a possible sale.

Towry employs 900 people while Tilney Bestinvest has 400 staff.

Sources have estimated the deal to be worth between £600m and £700m, meaning a windfall for Towry staff who hold an equity stake in the business.

Towry abandoned plans to float in December, with private equity back Palamon Capital Partners said to be eyeing a sale this year.

Towry has expanded through several acquisitions in recent years, buying Ashcourt Rowan for £120m in March last year and acquiring Baker Tilly in 2014.



Towry scraps float plans for quick sale

National advice firm Towry has abandoned plans to float on the stock market in favour of a sale in the new year. In June, private equity backer Palamon Capital Partners met with advisers to discuss a listing but has since hired investment bank Evercore to find new investors. It is expected Palamon will sell its […]

John Porteous Peach 250x255

Towry’s John Porteous on dealing with insistent clients

Towry has introduced an “escalation” process to senior management for certain clients following the Government’s pension reforms. Towry head of client proposition John Porteous says the firm’s biggest concern is clients looking to access their cash on an execution-only basis, who he fears will make an “uninformed decision”. He says: “We strongly encourage customers to […]

Towry transfers 4,000 Sipp clients to James Hay

Towry is to cease offering Sipps and will transfer around 4,000 pension plans to James Hay as part of a tie-up that will see the national advice firm outsource its Sipp administration to the platform. Current and future Sipp clients’ assets will be held in James Hay’s Modular iPlan but customers will remain Towry clients. […]

Bestinvest spot the dog 07/14

Who topped the Tilney Bestinvest Spot the Dog list?

Aberdeen Asset Management has topped Tilney Bestinvest’s Spot the Dog list of underperforming funds with 18 funds. The list, which identifies funds that have underperformed for three consecutive years and by more than 10 per cent over three years, includes Aberdeen’s £1.1bn Asia Pacific Equity fund and 10 other from the group. However, Aberdeen is also the underlying manager of […]

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


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