UK wealth advisor Towry has confirmed it is acquiring Baker Tilly’s private client financial advice and investment management business.

UK wealth advisor Towry is acquiring Baker Tilly’s private client financial advice and investment management business.

The deal will be completed this quarter although no value has been disclosed. Assets acquired include the old RSM Tenon Financial Advice business Baker Tilly bought and re-branded in 2013 shortly after it entered into administration, and Link2wealth, a restricted advice proposition.

Altogether the acquired business advises more than 4,500 private clients and holds over £1.5 billion ($2.5 billion) of client assets.

“This is a hugely important and exciting deal for us,” said Rob Devey, chief executive at Towry. “Towry has been very impressed by the people we have met and our aim is to provide an outstanding service to their clients and an outstanding work environment for the team who will be joining us.”

“After the ownership changes of the last few years, this is a very positive move for the long term future of those who have been involved with this business,” John White, CEO at Baker Tilly Financial Management added.

Last November Towry bought Bluefin from AXA; the firm has bought five businesses in the past 12 months. However has had trouble in the past when acquiring advice firms. Most notably its acquisition of Edward Jones in 2009 led to a High Court case with Raymond James and seven former Edward Jones advisors over alleged client solicitation, which it lost.

Baker Tilly has sold its advice business to Towry before. In 2007 Towry acquired Baker Tilly Financial Services for £9.5 million.

Two weeks ago Towry's chief executive Andrew Fisher left the firm and was replaced by ex-Prudential UK and Europe boss Devey.