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Towry Law adds £1bn in assets under management

Towry Law says it has doubled its funds under management, growing from around £1bn in 2006 to just under £2bn during the year to December 31, 2007.

Its earnings before interest, tax, depreciation and amortisation increase 45 per cent from £6.2m last year to £9m this year.

Recurring income has increased 34 per cent to £28m from £20.9m last year.

The results are based on management accounts and are currently unaudited.

Two acquisition highlights of last year saw Towry pick up Baker Tilly Financial Services and MLP Private Finance.

During the year the firm launched its ‘Return to Work’ scheme, helping professionals who have taken career breaks, and its Masters Programme, aimed at raising the qualification levels of its entire staff.

The firm also invested in new offices in London, Manchester and Edinburgh to accommodate the larger numbers of staff.

Chief executive Andrew Fisher says: “We have structured our proposition so that it is the most appropriate for our target clients, and this is evidenced by a net increase of £1billion in new funds under management during the period.

“Over the past year we have also campaigned tirelessly to seek true industry change and ensure that private and corporate clients receive the best advice from highly qualified advisers. Even as we continue our rapid growth we will remain firmly committed to providing the high levels of service that our clients have come to expect of us.

“I would like to thank all our staff for all their efforts during the year and we look forward to further exciting developments in 2008.”

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