Financial Results
Towry Reports Sharp Rise In Revenues, AuM
The UK-based wealth advisory group Towry has reported a 60 per cent increase in revenues in its first half results, rising from £25 million (around $38.8 million) in 2009’s half year results to £40 million.
The group also reported a 44 per cent year-on-year increase in discretionary assets under management, from 2.43 billion to £3.5 billion.
The London-based advisor also doubled its earnings before interest, taxes, depreciation and amortisation.
Towry recently acquired the investment manager Edward Jones and integrated it in 2010, during which time assets under management have increased by £0.6 billion.
“Our fee based independent wealth advice and independent investment management services continue to attract new clients, evidenced by a 20 per cent increase in total assets under management since year-end 2009 to over £3.5 billion,” said Andrew Fisher, chief executive of Towry.
Towry, formerly called Towry Law, was founded in 1958. It employs around 750 people in 22 offices across the UK, and offers fee-based, independent financial advice and independent investment management services to private individuals with investable assets in excess of £100,000, and small and medium sized enterprises.