European Wealth to buy £120m of Towry assets

For a total of £1m

Wealth manager European Wealth is set to acquire a book of business worth £120m from Towry Asset Management.

The wealth manager plans to buy assets worth £120m, as at 31 March 2016, from Towry for a maximum consideration of £1m. On top of this amount, the group has agreed to pay Towry an extra £200,000 as a loan to be set off against any bonus due to the consultant transferring to the company for the 12-month period ending 30 September 2017. The full price for the assets will be paid in installments, with £150,000 marking the first contribution in cash six months after completion, and the second installment of £400,000 payable after another six months. European Wealth said the clients of ...