Towry Law, the UK private client and corporate wealth advisor, has bought Edward Jones Limited, the UK-based independent financial advice and investment firm, a subsidiary of the US-based firm Edward D Jones & Co.

This acquisition is a transformational step in Towry Law’s strategy to become the major independent "fee based" wealth advisory firm in the UK, the firm said in a statement.

The acquisition is subject to approval by the Financial Services Authority, the UK regulator. If approved, Edward Jones Limited will be integrated into Towry Law.

“The acquisition provides the opportunity for the combined business to become the major force in independent wealth advice in the UK and be well placed to continue to lead the industry in the adoption of the new rules following the Retail Distribution Review, with fully qualified advisors offering fee based independent advice,” said Andrew Fisher, chief executive of Towry Law.

The RDR is a programme that has been launched by the regulator in the UK to raise the standard of financial advisors' services, such as aiming to raise qualification standards in the sector by 2012.   Edward Jones' associates include 400 financial advisors; the firm serves some 50,000 clients and has £1.5 billion of client assets under advice.

Towry Law manages over £2.8 billion of assets on behalf of over 13,000 clients. It employs around 500 people in 10 offices across the United Kingdom.