THE PRIVATE client and investment management business of Baker Tilly has been sold to Towry.
The deal, for an undisclosed sum, sees the business, purchased as part of the RSM Tenon acquisition, moved on. It is the second transaction between the two businesses after Baker Tilly sold its own private client arm to Towry in 2007.
More than 4,500 private clients, with assets under management of £1.5bn, will move from the former RSM Tenon Financial Advice business, with the vast vast majority of staff, including financial consultants, moving across.
Laurence Longe, Baker Tilly’s managing partner, said: “One of the key strengths of our merger with RSM Tenon is that many of the core service offerings from both firms fit well and complement each other. However, we knew we would need to consider whether some services would play a part in the newly-merged firm in the future.
“The decision to sell this business will mean that we can focus on areas where both firms have expertise, and strengthen our commitment to our chosen markets and key areas of growth going forward.”
John White, CEO of Baker Tilly Financial Management Limited, said the deal was a “positive move” for its long term future, following the ownership changes of recent years.