Reports that wealth manager Tilney Bestinvest is planning a takeover of rival Towry in a bid to create a super investment adviser has been denied by people close to the situation.
An article in the Sunday Times over the weekend reported that Tilney, which has £9bn in assets under management, is planning a £700m takeover of its rival. The report said the deal is being "aggressively" sought by Tilney's private equity firm owner Permira. A merger would mean thousands of Britons' investment portfolios under the control of one company. But people close to Tilney have denied the claims. The company said it doesn't comment on market speculation. Acquisition trails Following its acquisition of Ashcourt Rowan last year, Towry now has around £11bn in assets ...
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