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 strikes deal to buy Bluefin

Towry strikes deal to buy Bluefin

Towry has acquired Bluefin Personal Consulting from AXA UK.

The deal which is for an undisclosed sum is expected to be completed by the end of the year and will see Towry gain £500 million in assets, 1,500 clients, 19 advisers and 70 support staff.

Earlier in the week it was reported the two companies were in advanced talks over the deal which is Towry's most notable acquisition since its takeover of Edward Jones in 2009.

Andrew Fisher (pictured), Towry's chief executive, said: 'We are very pleased to have signed this agreement with Bluefin Personal Consulting (BPC), whose advisers have demonstrated a strong track record in building trusted relationships with clients.

'The transaction is in line with our stated strategic objective to grow by acquisition and the BPC proposition will further strengthen and broaden the range of services we can offer to both Towry and BPC clients.'

AXA, Bluefin's parent company put the business up for sale alongside the employee benefits arm Bluefin Corporate Consulting in 2011.

However Bluefin Corporate Consulting was acquired by Capita for £50 million last year but the wealth management division was not included.

In December 2012 Towry announced it had raised £35 million from new investors to fund the expansion of its business through acquisitions.

In May the company said it was targeting acquiring 20 to 25 IFAs in 2013 made up largely of smaller players looking to sell or consolidate due to the retail distribution review (RDR).

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter