A £1m consideration will be paid in instalments and European Wealth has agreed to pay Towry a further £200,000 for the benefit of a loan owing it by a consultant who is transferring to European Wealth.
The company said the deal will further “broaden the range of private and corporate clients” it handles.
In 2014, it acquired P&C Global Wealth Managers in Switzerland.
European Wealth’s chief executive John Morton said: “This acquisition further strengthens the group’s ability to offer integrated investment management and financial planning services across the UK and internationally.
“The addition of this book of business will be enhanced by our ability to offer direct international equity investment to our clients.”
In April, Tilney Bestinvest has agreed to acquire Towry from private equity parent Palamon Capital Partners for £600m.
The Towry deal will give Tilney Bestinvest – itself owned by private equity firm Permira – an additional 900 staff across 21 regional assets. Around 85% of Towry’s assets are in discretionary mandates.
The combined business has over 240 financial planners and 120 investment managers operating from more than 30 offices across the UK.
