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Towergate scales back on IFA buys

Towergate Financial Services has scaled back its plans to rapidly build a national network of IFAs and has been folded into a division of Towergate Partnership Limited.

TFS was set up in January 2008 as a separate company to consolidate regional IFAs, and in July last year the firm had raised £100m to make 20 acquisitions.

But the firm, which has made 10 acquisitions, has conducted a strategic review and says it must change its approach due to tough market conditions.

Patrick Snowball will step down as TFS chairman while chief executive Ian Darby will continue in his current role initially, reporting to TPL chief executive Andy Homer.

A TPL spokesman says: “The business model and the ambitious plans we had are not appropriate for the climate we are in. We will continue to make controlled acquisitions but not at the same pace as before.”

TPL chairman Peter Cullum says: “The original Towergate Financial Services concept remains as valid as ever but, given current conditions, we must scale back the rate of growth.”


Baillie Gifford unveils Greater China Oeic

Baillie Gifford has today launched its Greater China fund.The Oeic gives investors access to companies from mainland China, Taiwan and Hong Kong. It is now open to the wider retail market after first opening for trading as an institutional product in November last year. The fund is managed by Mike Gush and Richard Sneller and […]

Fortis looks to short developed markets

Fortis Investments is looking for opportunities to go short in developed equities in the view that unwarranted optimism is being priced into the market.Emiel Van Den Heiligenberg, the head of tactical asset allocation and balanced solutions, says previous market bottoms have lasted from three-and-a-half to 11 months. This time, however, he expects the current downturn […]

Duce and Kearney funds retain OBSR ratings

Old Broad Street Research (OBSR) announced today it is retaining its A rating on the Credit Suisse Multi-Manager Portfolio Funds.The funds, managed by Graham Duce and Aidan Kearney, are set to be moved to Aberdeen Asset Management following the announcement last month that it will be part of Aberdeens acquisition of Credit Suisse Asset Management, […]

India GDP surprise

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, comments on the strength of India’s latest GDP figures. Click here for more Important Information Investment risks The Neptune India Fund may have a high volatility rating and past performance is not a guide to future performance. The value […]


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