Fee-based IFA Towry Law is set to quintuple its adviser base after acquiring the UK arm of US financial advice giant Edward D Jones.
Subject to FSA approval, the deal will see Edward Jones Ltd's 400 registered individuals join forces with the 100 already at Towry Law. The combined business will serve more than 60,000 clients, with assets under advice approaching £4.5bn.
Towry Law says it will integrate Edward Jones to operate on a fully fee-based model, "in line with [our] existing strategy".
Chief executive Andrew Fisher says: "This acquisition provides the opportunity for the combined business to become the major force in independent wealth advice in the UK and be well placed to continue to lead the industry in the adoption of the new rules following the RDR, with fully qualified advisers offering fee based independent advice."
The deal represents Towry Law's third acquisition since the company was launched under a new brand two years ago. During 2007, it acquired Baker Tilly Financial Services as well as the the UK activities of MLP Private Finance.
Edward D Jones employs more than 10,000 individual advisers across the US and Canada.
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Short-term noise or something sinister?