Towry has confirmed the acquisition of the advice arm of Baker Tilly for an undisclosed sum.
Money Marketing revealed the deal was being discussed on Friday.
The deal sees Towry acquire 4,500 private clients and over £1.5bn of client assets. It represents the advice arm of the RSM Tenon business that Baker Tilly acquired in 2013.
The deal includes restricted arm Link2Wealth, which was set-up by RSM Tenon in February 2013.
Towry says it expects most staff and advisers to remain part of the business following the acquisition. The acquired business comprises 145 staff, of which 36 are financial advisers.
Towry chief executive Rob Devey says: “This is a hugely important and exciting deal for us. Towry has been very impressed by the people we have met and our aim is to provide an outstanding service to their clients and an outstanding work environment for the team who will be joining us. We look forward to welcoming both clients and employees.”
Baker Tilly Financial Management chief executive John White says: “The clients and employees can be very reassured that Baker Tilly has found a strong and committed new owner for this business. Towry’s focus on financial planning and provision of advisory and discretionary investment management services to clients will give continuity around customer service. After the ownership changes of the last few years, this is a very positive move for the long term future of those who have been involved with this business.”
Accountancy firm Baker Tilly acquired RSM Tenon, an accounting, advice and employee benefits firm in September 2013 shortly after it entered administration.
All three divisions of RSM Tenon were later rebranded under the Baker Tilly name. Baker Tilly has been keen to offload the advice and employee benefits divisions and Money Marketing also understands that EB specialist Arthur J. Gallagher is close to acquiring the employee benefits arm.
Towry recently appointed Rob Devey as chief executive, with the former Pru boss replacing outgoing chief executive Andrew Fisher (pictured).