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Towry Law doubles funds in a year to 2bn

Towry Law doubled its funds under management last year, increasing from around 1bn in 2006 to just under 2bn.

Turnover rose from 47.3m in 2006 to 51.3m last year while recurring income rose by 34 per cent to 28m from 20.9m. Earnings leapt by 43 per cent from 3.8m to 5.5m.

Towry Law says its business is split equally into three main areas – pension advice, other tax-efficient investment products and private wealth management. Its adviser base increased by 21 per cent to a total of 184.

The company cites two acquisition highlights of last year with Baker Tilly Financial Services and MLP Private Finance.

During the year, Towry Law 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 company invested in new offices in London, Manchester and Edinburgh to accommodate the higher numbers of staff.

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

“Over the past year, we have 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.”

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