M&A

Wealth manager Towry has completed the buyout of rival firm Ashcourt Rowan.

Royal London's former offshore business RL360 Group has acquired international life business Clerical Medical International (CMI) from Scottish Widows, creating a business with £8bn of assets under management.

Tavistock Investments has acquired Cornwall-based IFA Duchy Independent Financial Advisers as part of its plan to assemble a national network of advisers.

Pioneer Investments has reached an agreement to merge with Santander Asset Management, creating one of the largest European asset management groups by AUM.

Wealth manager Towry has been forced to spend a further £3.7m to deal with issues the regulator has with the business, following a quadrupling of the expenditure last year.

Royal Dutch Shell has agreed to buy BG Group for £47bn in one of the largest deals of all time.

Tavistock Investments has bought IFA Sutcliffe Solloway Financial Planning and its parent Cornerstone Asset Holdings, completing the deal that formed Tavistock Partners.

IFA network 2plan is in renewed takeover talks with "large" adviser businesses following two failed acquisitions last year.

Adviser consolidator Succession Group has bought tax planning and investment firm Cassidy Coutts, adding £50m to its funds under management.

Listed financial services group Tavistock has raised a further £300,000 to be used as working capital following the buyout of network Financial Ltd.