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.’