Towry is to acquire the advice and investment management arm of Baker Tilly.
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 rebranded under the Baker Tilly name.
Baker Tilly has been keen to offload the advice and EB divisions and Money Marketing understands that EB specialist Arthur J Gallagher is close to acquiring the EB arm.
Baker Tilly has sold its advice business to Towry before. In 2007 the then JS&P Towry Law acquired Baker Tilly Financial Services for £9.5m. Towry recently appointed Rob Devey as chief executive, with the former Pru boss replacing Andrew Fisher. In June, former Northern Rock and Phoenix Group chairman Ron Sandler will take over as chairman of Towry.
Arthur J Gallagher, the US parent of UK business Gallagher Employee Benefits, acquired the Oval Group for £199m last month. The deal will see Oval’s benefits and wealth management business become part of Gallagher’s UK-based benefit and consulting specialist operations.
Arthur J Gallagher declined to comment.