Two of the seven Raymond James advisers yesterday cleared of soliciting rival Towry's clients have reiterated claims the company acquired their previous employer, Edward Jones, mainly to "churn" customers into its in-house investment management service.
A High Court judge yesterday found the advisers, along with wealth manager Raymond James, innocent on all counts following a number of allegations from Towry. Towry had alleged the seven advisers broke their contracts by soliciting some 400 clients worth more than £33m to move with them to Raymond James after they left Towry in 2009. The Honourable Mrs Justice Cox dismissed the claim. Speaking after the verdict, defendant Barry Bennett repeated an allegation heard during the case. He said he and others felt it was Towry's intention to "churn" their clients into Towry's Independent ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
