Private and corporate wealth adviser Towry Law is understood to be considering a public listing later in the year.
A public listing could potentially generate millions for high-profile CEO Andrew Fisher and the firm’s private equity backers Palamon Capital Partners.
The Independent reports Fisher is thought to have agreed a potentially lucrative contract with Palamon, which links his personal equity stake in the firm to its performance.
In the year to 31 December 2007 the company enjoyed a record period of organic and acquisitive growth, including a 45% increase in earnings (EBITDA) to £9m, from £6.2m in 2006. It also reported a 34% increase in recurring income to £28m, up from £20.9m.
The group made five acquisitions last year, including Baker Tilly Financial Services and the UK activities of MLP Private Finance.
Fisher is an outspoken critic of the commission based model for IFAs, calling for the abolition of all initial and trail commission payments to advisers.
Towry Law quit its membership to AIFA in September last year, saying it can no longer support and be aligned with a trade body it “fundamentally disagrees with”.
Fisher cited the association’s position on commission and professional qualifications as the main irreconcilable differences.
“AIFA are seeking proof on whether commissions cause a sales bias,” Fisher explained at the time.
“But that is like asking whether we need gravity to walk.”IFAonline
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