Update: Polin won't join merged Towry-Ashcourt Rowan group

Towry is set to acquire asset management and financial planning business Ashcourt Rowan in a deal which will create a top 20 player in the UK private wealth market by assets under management. Polin, along with Ashcourt chairman Hugh Ward, will leave the business if the deal goes ahead. Towry chief executive Rob Devey and chairman Ron Sandler will continue in their roles. Under the terms of the deal, Ashcourt Rowan shareholders are entitled to receive 270p for each share plus 5p in loan notes.   The terms value Ashcourt Rowan's issued share capital at around £97m, a significant prem...