National IFA Towry has announced "record" profits for 2011, after poor performance in 2010.
The firm reported an increase in operating profit to £10.2m in 2011, compared with a £5.5m loss in the previous year, which Towry said was as a result of acquiring former rival Edward Jones. Discretionary assets under management were also up 6% to £4.5bn, compared to £4.2bn in 2010. CEO Andrew Fisher praised "another year of record income, assets under management and earnings". "This built upon significant growth in 2010 when the Edward Jones business was successfully integrated and 11 new offices were opened," he said. Fisher added 96% of advisers were already qualified to leve...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes