Towry has acquired Glasgow-based adviser firm Norscot Financial Services and its wealth management arm George Square Fund Managers for an undisclosed sum.
Norscot was acquired by David Mills in 1990 who went on to set up GSFM in 2010. The two businesses currently advise around 900 clients in the Glasgow area. Mills and his team will be relocating to Towry’s Glasgow office in April. They will continue to service all existing clients.
Towry employs around 650 people in 18 offices in the UK, and has assets under management of £4.5bn. Towry’s investment management service is for clients with £100,000 or more to invest.
Towry head of wealth advice Andy Cowan says: “We look forward to welcoming David and his team to our offices and developing strong relationships with his clients.”
Norscot Financial Services managing director David Mills says: “I am confident this change is the right direction for our clients and will offer an added dimension to the service and advice we will be able to deliver to them.”
Towry and private equity group Palamon Capital Partners, a majority stakeholder, raised £35m of new equity in December to fund Towry’s expansion plans. The fundraising came from two Palamon co-investors, AlpInvest Partners and Honeywell Capital Management.
Evolve Financial Planning director Jason Witcombe says: “There was a reasonable amount of movement within adviser firms pre-RDR but people still had a lot on their plates then and may have decided to wait until after 31 December to consider mergers or acquisitions. Further consolidation is inevitable.”