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UK's Towry Widens Wealth Advisory Footprint With Acquisition
Stephen Little
23 December 2013
UK-headquartered wealth
advisory firm has acquired Lighthouse's 50.1 per cent holding in
the shares of Bristol-based wealth management
and financial planning firm Deverill Black & Company for £501,000 ($818,000). Lighthouse Group said in a statement
released on the London Stock Exchange that it had accepted the offer for
Deverill Black as the holding was not strategic in nature. For the year ending 31 December 2012, Deverill Black
recorded a profit before tax of £44,173 and had net assets of £152,891. Towry has bolstered its business this year with a number of
acquisitions and hires. In September, Towry confirmed
it is to acquire the business assets and contracts of the AXA UK advisory
business Bluefin Personal Consulting, for an undisclosed sum. The firm recently appointed
Medhi Douali as an analyst within the investment team and Gemma Durkin
from LRH Wealth Management to serve as a wealth advisor in Leeds.