News

2
Mar

Porteous exits Towry following Tilney takeover

Towry Financial planning, who were acquired by Tilney Financial planning in 2016, in a deal worth £600 million, has seen Towry client proposition head, John Porteous leave the company, following the acquisition in April last year.

Porteous joined Towry in 2014 when the firm purchased Baker Tilly Financial Management, where he was head of wealth management.

After the acquisition was completed in 2014, John Porteous was accommodated by becoming head of client proposition at Towry. Whilst he was head of client proposition, the firm bought listed advice firm Ashcourt Rowan for £120m in early 2015.

Towry now operates under the name of Tilney, removing the previous name and brand. Prior clients to Towry are now redirected to Tilney when accessing services online.

A spokesman for Tilney had confirmed that Porteous had left the firm after aiding the integration of Towry, originally competition for Tilney financial planning.

‘His role was to bring the line of two propositions together. That involved looking at overall pricing between the firms and coming up with new suite and tariffs and what sort of service was good for each level of assets. With that completed he has left the company,’ he said.

Following the purchase of Towry, the combined businesses reported total assets of £20 billion.

If you would like to know more about Tilney, please feel free to contact Louise at 0117 9926 335 or email at louise.jeffreys@gunnerandco.com .