The acquisition is subject to FSA approval and Towry Law says it is a further step towards its strategy to become the leading independent fee-based wealth advisory firm in the UK.
Edward Jones will be integrated into Towry Law and will operate on a fee only basis. Towry Law currently manages over £2.8bn of assets on behalf of 13,000 clients.
Towry Law chief executive Andrew Fisher (pictured) says: “We are delighted that we have agreed this deal to purchase Edward Jones UK, in what is a significant development for Towry Law. Edward Jones is a high quality business with talented associates and a very strong client base. They share the same dedication to providing high quality services to their clients as Towry Law.
“The acquisition provides the opportunity for the combined business to become the major force in independent wealth advice in the UK and be well placed to continue to lead the industry in the adoption of the new rules following the retail distribution review, with fully qualified advisers offering fee based independent advice.”