Towry has confirmed it is to acquire Bluefin Personal Consulting for an undisclosed sum.
The deal sees Towry take on 19 advisers and 70 support staff.
Towry will take on 1,500 clients with around £500m of assets.
Money Marketing revealed earlier today the deal was set to be announced with Bluefin staff informed of the acquisition this morning.
Towry chief executive Andrew Fisher says: “We are very pleased to have signed this agreement with BPC, whose advisers have demonstrated a strong track record in building trusted relationships with clients.
“The transaction is in line with our stated strategic objective to grow by acquisition and the BPC proposition will further strengthen and broaden the range of services we can offer to both Towry and BPC clients.”
Axa group strategy director Ed Bradshaw says: “Axa UK is delighted to have reached this agreement with Towry, which is well placed to offer high quality planning and personal financial advice to BPC clients in future.”
Reports emerged last week that Towry was in talks with Axa over the acquisition.
Bluefin staff were informed of the deal, which does not include Bluefin’s GI broker arm, this morning.
Axa sold Bluefin’s corporate arm, Bluefin Corporate Consulting, to Capita in April 2012 for £50m.
It has been looking to offload Bluefin for some time after putting it up for sale in 2011.
Towry revealed earlier this year that it was looking to expand the business through acquisition “to take advantage of the post-RDR market opportunities”.
In October 2006, Axa’s Advisory Services arm, now called Bluefin, bought Thinc for a total £100m consideration. This included a £10m initial payment and a £60m deferred consideration based on the group’s performance in 2009, as well as £30m to restructure its debts. However Grant Thornton later declared the 2009 targets were not reached, meaning the deal cost Axa £40m.
Bluefin was forced to write-down £62m in October 2010 due to costs relating to its restructure, which included cutting its private client adviser headcount from 180 to just 50.