The new super advice firm created by Tilney Bestinvest's acquisition of Towry will see both restricted firms broaden their geographical reach and grow their assets.
The firms already have significant combined managed assets of £20bn. This merger and focus on growth gives weight to speculation by some industry figures that the advice market is moving towards a 100% restricted model. The firms are both restricted because each has an Investment Management arm and direct managed funds to in-house investment managers unless otherwise requested. They also have considerable financial planning resources, with 240 combined planners (currently 190 from Towry and 50 from Tilney Bestinvest). Tilney Bestinvest's management director of business development ...
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