Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter