Tilney Bestinvest will begin the work of fully merging Towry into its business now the acquisition has completed, Jason Hollands has said, adding clients should not notice any difference.
The managing director at Tilney Bestinvest said the company will now start looking into how the two businesses can be brought together.
Work is about to start on what the new company’s branding should be, he added, with this expected to be completed around the beginning of next year.
Mr Hollands said: “The deal only completed on Friday evening and [Towry] has only come under our ownership as of today so the next stage is to begin the implementation programme and that will take place across a number of months.
“As we move into next year we will make a decision on future branding.
“At the moment it is business as usual for both businesses as we gradually bring them together.
“If you are a client of Towry you can still pick up the phone and talk to your adviser. The clients should see almost complete continuity.”
Mr Hollands also reiterated that advisers and investments managers would not be at risk of redundancy following the deal.
He said: “One of the things we said at the outset was that for advisers, investment managers and client-facing roles there is no impact.
“The areas where unfortunately there will be some redundancies will be in those central functions where there are duplicate roles.
“We will begin the process of consultation. Everyone here has long been aware that there will be parts of the business which will be affected but we will have a full process with our staff.”
Tilney Bestinvest agreed to buy Towry from its majority shareholder Palamon Capital Partners for £600m in April, creating a combined business with more than £20bn of assets under advice, and around 240 financial planners and 120 investment managers.
Towry employs more than 900 staff across 21 regional offices and as part of the deal its chief executive Rob Devey will leave the business.
