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Towry among bidders to buy Oakley-owned national IFA

Private equity firm Oakley Capital is looking to sell national IFA firm Broadstone Pensions and Investments with Towry one possible buyer for the business, Fundweb understands.

Broadstone was rebranded from BDO Investment Management in May 2011 having been acquired by Oakley in November 2010.

Oakley is now looking to sell the business and Fundweb understands it has spoken to Towry among a number of other private equity businesses about a possible sale.

Broadstone Pensions and Investments has 27 consultants with over 1,500 clients. It has cumulative assets of around £862m between its advisory and discretionary wealth management arms.

Broadstone Towry has completed a number of acquisitions in recent months including buying Baker Tilly’s advice arm in April and Bluefin’s advice arm in September.

A Broadstone spokeswoman says: “A sale will take place at some point but it is not clear when that will happen. With it being private equity owned there is obviously always ongoing discussions taking place.”

Towry declined to comment.

Neil Woodford’s new venture Woodford Investment Management had been affiliated to Oakley and used the firm’s investment infrastructure to establish itself as a standalone investment boutique before cutting ties last month.

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