AMF provided Towry Law with mezzanine financing, but has refused to disclose the sum.
AMF provides capital to investment firms including wealth managers, institutional asset managers, alternative asset managers and private equity firms that are seeking funding for recapitalisations, growth initiatives, management buy-outs, acquisition financing, owner liquidity and other strategic investment objectives.
Towry Law represents AMF’s first investment in Europe.
Towry law chief executive Andrew Fisher says: “We were seeking to broaden our capital base as we continue to expand and grow, without giving up a significant equity position in the firm or sacrificing any control in the firm’s governance.
“AMF’s passive minority investment strategy, specialised asset management sector focus, and reputation made them an ideal partner for us. We are very pleased to have them as a strategic investor so we can benefit from their experience, financial flexibility and knowledge of our industry.”
AMF chief investment officer Rob Jakacki adds: “Towry Law has a successful business model focused on providing high quality services to their clients through independent wealth advice and a proven track record in acquiring and integrating wealth advisory businesses under a talented management team. They are an important addition to the AMF portfolio of best in class investment firms.”
Towry Law has made nine acquisions since 2003, including the UK operations of Edward Jones last November. It has 250 wealth advisers, serving 60,000 clients and approximately £5bn in assets under management or advice as of December 31, 2009.