Towry Law has acquired the UK assets, advisers and clients of MLP Private Finance in a deal completed last week.
MLP’s German parent has pulled out of the UK and Spain to focus on its core markets and is in negotiations with a Spanish advice firm about selling its Iberian arm.
It has 95 employees in the UK, including 38 advisers, and 4,000 clients.
Towry says the MLP advisers will migrate to its fee-based business model over a six-month transition period, bringing the number of Towry Law advisers to around 220.
Chief executive Andrew Fisher says he hopes to keep most of MLP’s 40 support staff but there may be some redundancies where roles are duplicated.
Former MLP chief executive John Baxter will work with Towry Law on a consultancy basis while he reviews his position.
MLP Private Finance chief executive officer Dr Uwe Schroeder-Wildberg says: “MLP is withdrawing from the non-profitable markets in Great Britain and Spain and will in the future be focusing on the profitable foreign activities in Austria and the Netherlands as well as on its core market, Germany.”
Towry Law chief executive Andrew Fisher says: “We are taking on the people, the business and the clients and moving them into our wealth management proposition.
“MLP has a strong vision and we feel lucky to have picked up such a bunch of bright, talented people. If it were not for issues with the parent, I am sure they would have continued to run their own proposition in the UK.”
Baxter says: “Once the decision to pull of the UK had been made, my only focus has been ensuring the well-being of MLP employees and clients. With this in mind, there was only one phone call I made and that was to Andrew Fisher at Towry Law.”