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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).

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