Tilney Bestinvest plots £700m Towry takeover - reports

Combined group would have £18bn AUM

Tilney Bestinvest backer Permira is "aggressively pursuing" a bid for rival Towry, in a deal which would unite two of the UK's biggest wealth managers, according to reports.

The Sunday Times reports Tilney is planning a £700m acquisition of its rival as the bidding war for Towry hots up. City sources told the paper Towry has held talks with a number of private equity groups and several possible suitors have emerged. However, they suggest Tilney could pay a higher price than rival bidders as it would be able to extract costs from the combined companies. A price tag of £600m-£700m has been put on the wealth manager. Towry's owner, private equity firm Palamon, tried to float Towry five years ago but eventually decided against a stock market listing, inste...