Towry has announced a net loss of £7.5m in its 2010 results, compared to a £16.3 profit in 2009.
The firm attributed the loss to “exceptional costs” of £17.7m incurred from the integration of Edward Jones and the opening of 11 new offices across the UK, taking the total number of Towry offices to 21. Towry says taking into account the exceptional profit for 2009 of £12.9m due to the acquisition of Edward Jones, the overall costs of integrating the firm has been £2.2m.
The firm announced a 45 per cent increase in revenue to £79.4m, compared to £54.7m in 2009, a 56 per cent increase in EBITDA to £16.1m, from £10.3m in 2009, and a 44 per cent increase in discretionary assets under management to £4.2bn in 2010, from £2.9bn in 2009.
Towry has announced the appointment of Sally Jones as a non-executive director. Jones is a lawyer and is currently UBS ltd Audit Committee chair.
Towry chief executive Andrew Fisher says the firm aims to become the UK’s leading wealth adviser firm and will pursue this goal in 2011.
He says: “2010 has been a year of record income, assets under management and earnings. The integration of Edward Jones Ltd and the opening of 11 new offices supports our ambition to become the leading firm of wealth advisers in the UK, and we look forward to pursuing this aim in 2011.”
FSA figures, published earlier this month, show that between July and December 2010 Towry received 2,067 complaints. The bulk of the complaints relate to the Towry’s takeover of Edward Jones, with 1,301 new complaints for Towry Edward Jones and 766 for Towry Investment Management. Of the 1,554 complaints closed by Towry relating to Edward Jones, 97 per cent were upheld. Of the 667 closed complaints relating to Towry Investment Management, 93 per cent were upheld.