UK-based wealth manager Tilney Bestinvest has agreed to acquire local rival Towry from majority shareholder Palamon Capital Partners in a £600m deal.
The combined entity will manage over £20bn in assets for affluent and high net worth clients, and operate with over 30 offices across the UK.
It will offer various services such as investment management, investment advice, financial planning as well as an online service for self-directed investors.
Bulk of the group’s assets will be managed, with over 80% in discretionary investment management services, and over 40% for clients with over £1m.
The combined group will include over 240 financial planners and 120 investment managers, and will be headed by Tilnet Bestinvest CEO Peter Hall.
Peter Hall said: "This is a transformational deal that will position the combined group as one of the leading UK wealth management firms providing both financial planning and investment management services.
"Recent changes to pensions have increased further the need for high quality financial advice and investment management and together we will be well placed to help people in this complex area. The combination of Towry and Tilney Bestinvest is compelling because both firms share a culture of aiming to provide the very highest levels of professional and personal client service."