Towry reports record profits amid IPO speculation

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...