Andrew Fisher, chief executive of Towry, is in line for a £100m payday when the wealth manager is listed in the New Year.
He has hired STJ Advisors to prepare Towry, in which he has a 20% stake, for a float and has launched a beauty parade to choose the banks, according to the Times. The company, which saw a profit of £6.4m last year and has £4bn under management, could be worth up to £500m, which would qualify it for the FTSE 250. Fisher said the £500m valuation "feels a bit light" and revealed he does not ever plan to leave the company. "I don't plan to sell any shares. I don't plan ever to leave Towry, as a shareholder or as an employee. We want to be the leading wealth manager in the UK." Towry...
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