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Towry in management shake-up following Baker Tilly deal

Baker Tilly head of wealth management John Porteous has replaced Towry head of client proposition David Middleton as part of a senior management shake-up.

The restructure will also see Baker Tilly chief executive John White leave the business at the end of June.

Head of operations Mike Toole and head of compliance Charles Haygarth will also leave.

Garry Appleton has been appointed to replace Towry’s outgoing head of risk and compliance, Alec Macallan.

Money Marketing revealed that Towry was set to acquire Baker Tilly’s advice arm in April.

The management changes see Porteous move to become head of client proposition at Towry with immediate effect. 

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Towry chief executive Rob Devey (pictured) says:  “Towry is in an exceptionally strong position. We have recently undergone a period of rapid expansion following a number of acquisitions and have ambitious plans for the future. I am delighted to welcome John and Garry to the executive team.” He adds: “I would like to thank David, John, Charles and Mike for their contribution to Towry and Baker Tilly over the past few years and wish them well.”

Thameside Financial Planning director Tom Kean says: “The market is tricky enough as it is. Changes in senior management can create added uncertainty for advisers working within those businesses. 

“I am sure Towry will be doing plenty of work to reassure people over any nervousness.”

Accountancy firm Baker Tilly acquired RSM Tenon, an accounting, advice and employee benefits firm, last September shortly after it entered administration. Towry acquired the advice arm of Baker Tilly in April for an undisclosed sum in a deal which saw Towry take on an additional 4,500 private clients and over £1.5bn of client assets.

The deal marked the second time Baker Tilly had sold its advice business to Towry. In 2007 the then JS&P Towry Law acquired Baker Tilly Financial Services for £9.5m.

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