View more on these topics

Towergate seeks to buy IFA firms in £100m spree

Consolidating giant Towergate Financial has raised more than $100m to buy up regional IFA firms as part of its two-year plan to grow its number of registered individuals to 370.

The financial advisory arm of general insurance giant Towergate owns five small IFAs with 44 RIs. The £100m of funding has been provided by Royal Bank of Scotland, Lloyds
TSB Corporate Markets and Towergate’s management.

Chairman Patrick Snowball says it is in discussions with six IFA firms, with the next purchase to be announced in the coming weeks.

Snowball says the firm is looking for eight or nine key companies, making a profit in excess of £1m, to become its hub acquisitions. He says: “We will then work with these key companies to look to buy three or four firms in those regions making up to around £250,000 of profit a year. What we are bringing into the market is a national IFA which is well capitalised under a strong brand and with a predominantly employed RI basis.”

Snowball says Towergate Financial will spend £10m on creating a central model to consolidate the back-office systems of its acquisitions. He says the firm is in final discussions with Focus and Intelliflo to provide technology while Tata Consulting Services will be the third-party provider.


Qualification debate rages on

Higher qualifications are now widely regarded as an inevitable outcome of the RDR and the focus has shifted to what will be introduced and how.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm