British wealth manager Tilney Bestinvest has closed its £600m acquisition of local rival Towry group.
The combined business has more than £20bn of assets under management (AUM). It will offer an array of services including financial planning, investment management and advice, and an online service for direct investors through its Bestinvest brand.
The combined entity now has a network of more than 30 offices across the UK.
Tilney Bestinvest CEO Peter Hall said: “This brings together two individually successful businesses to create a truly market leading wealth management group that provides both highly skilled financial planning and award-winning investment management services right across the UK.
“While existing clients will see continuity in their advisers and the personalised service they receive, the greater scale the combination brings will enable us to support clients from a broader office network and offer a wider range of services to suit different needs.
“The greater scale will also enable us to invest further in areas such as technology, client support and research to ensure that we continue to deliver a first class service and excellent investment performance,” Hall added.
Tilney, which agreed to buy Towry from its majority shareholder Palamon Capital Partners in April 2016, said that there will be no immediate changes to branding at either Tilney Bestinvest or Towry.