Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Towry raises £35m to fund expansion plans

Towry raises £35m to fund expansion plans

Wealth adviser Towry and its majority shareholder Palamon Capital Partners have raised £35 million of new equity to help fund the firm’s expansion plans.

The investment has been made by AlpInvest Partners B.V and Honeywell Capital Management, two Palamon co-investors.

The new fundraising will add to the recent £47.5 million of financing lines gained earlier this year from Macquarie Bank and Royal Bank of Scotland.

Towry said the additional funding will be used to accelerate acquisitions and adviser recruitment with the retail distribution review creating opportunities in the UK wealth advice sector.

The firm has made 10 acquisitions since Palamon’s first investment in 2003 and has since grown its adviser based from 13 to 144, as well as assets under management from £250 million to £4.6 billion.

Andrew Fisher, chief executive of Towry said: ‘We have exciting expansion plans as we see enormous opportunities arising from the RDR.  The new capital raised gives us a solid base from which to execute our plans for further growth.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter