Towry is set to launch an advisory service, following its acquisition of Bluefin.
It marks a shift for the firm, which has traditionally offered only discretionary management. The deal, for an undisclosed sum, saw Towry gain £500 million in assets and 1,500 clients, many of whom had money run on an advisory basis.
David Middleton (pictured), head of client proposition at Towry, said: ‘I think we will end up with an advisory portfolio management service that is not dissimilar from our discretionary portfolio management service. It will be one where the client wants to have their say and will be consulted before investment decisions are made.
‘We realise clients want that service and Bluefin has built that service.’
Middleton said underlying fund holdings could differ between advisory and discretionary services, but the process will be driven by the same philosophy.
Linked to this initiative, Towry is launching an investment review service whereby its research team will assess existing portfolios for clients on a one-off or annual basis. The team will ensure holdings are appropriate and suitable, given the client’s circumstances.
Charges are yet to be confirmed for the advisory service, although Bluefin has historically charged 1% plus platform fees. The review service will be time-costed on a one-off basis with a 1% fee if it is ongoing.