ST. LOUIS, MO, USA; LONDON, U.K. (Oct. 23, 2009) – Financial services firm Edward Jones today announced it has entered into an agreement to sell its U.K. business operations, conducted through Edward Jones Limited, to Towry Law. The completion of the sale is subject to approval by the Financial Services Authority and will close following receipt of such approval.

 

Towry Law will acquire 100% of Edward Jones Limited, the U.K. subsidiary of the U.S.-based financial services firm.

 

“We continue to believe that individual investors in the U.K. want and need our approach to personalized, face-to-face investment advice,” said Jim Weddle, managing partner of Edward Jones. “Towry Law shares our approach of delivering quality, face-to-face investment advice.”

 

“We worked hard to seek a buyer that would ensure our clients' and associates' interests would be looked after properly. I am convinced that Towry Law is the right partner for our clients and associates,” said Tim Kirley, principal of Edward Jones Ltd.

 

Andrew Fisher, chief executive of Towry Law, said, "We are delighted to bring the clients and associates of Edward Jones U.K. into the Towry Law family. The similarities in our approach to serving investors will help ensure a smooth transition, and we look forward to continuing to meet the investment needs of Edward Jones' U.K. clients. Our vision is to become the leading firm of wealth advisors in the U.K., and this acquisition will help us toward that goal."

 

Towry Law is assuming all of Edward Jones' liabilities with the exception of the lease for the Edward Jones headquarters offices at Canary Wharf. Towry Law assumes Edward Jones' clients, client assets, employees and branch office leases.

 

Edward Jones is one of the largest securities firms in North America, serving the needs of individual investors through more than 11,000 branch offices in the U.S. and Canada. It opened its first U.K. office in 1998 and now has more than 300 offices around the country. Total staff numbers in the U.K. are approximately 1,000, serving 50,000 clients with assets under care of £1.5 billion. The firm's U.K. operations represent about 1% of its global business. As part of its decision to sell its U.K. business operations, the firm was advised by KPMG.

 

Towry Law is a U.K.-based privately owned wealth advice business, employing over 500 people in 10 offices across the United Kingdom and managing £2.8 billion on behalf of clients. The firm was founded in 1958 and today offers fee-based, independent wealth advice and investment management services to individual investors. In 2008, Towry Law was recognized as one of the 2008 Sunday Times Virgin "Fast Track 100" companies and was named "Best Retirement Adviser" in the Moneyfacts Good Advice Awards in 2009.

 

 

Edward Jones provides financial services for individual investors in the United States and, through its affiliates, in Canada and the United Kingdom. Every aspect of the firm's business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm's 12,000-plus financial advisers work directly with nearly 7 million clients to understand their personal goals – from college savings to retirement – and create long-term investment solutions that emphasize a well-balanced portfolio and a buy-and-hold strategy. Edward Jones embraces the importance of building long-term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today.

 

Edward Jones, which ranked No. 2 on FORTUNE magazine's "100 Best Companies to Work For 2009," is headquartered in St. Louis. The Edward Jones Web site is located at www.edwardjones.com, and its recruiting Web site is www.careers.edwardjones.com. Member SIPC.

 

St. Louis – John Boul, Edward Jones

Telephone: 314-515-3265

Mobile: 314-276-4419

E-mail: john.boul@edwardjones.com

 

London – David Waller, Maitland Communications

Telephone: +44 207 379 5151

Mobile: +44 779 390 3509

E-mail: dwaller@maitland.co.uk

 

London – Andrea Coleman, Maitland Communications

Telephone: +44 207 379 5151

Mobile: +44 20 7395 0420
E-mail: acoleman@maitland.co.uk

 

 

Towry Law is a fast growing wealth advice business, with Chartered Financial Planning status, employing around 500 people in 10 offices across the United Kingdom and manages nearly £3 billion of client assets. It offers fee-based, independent wealth advice and investment management services to private individuals, with investable assets in excess of £100,000, and small and medium sized enterprises (SMEs).

 

The company’s vision is to become the UK’s leading provider of wealth advice. They aim to achieve this by having professionally qualified employees delivering high quality advice and investment management services to clients supported by a strong and robust operational infrastructure. The company, founded in 1958, was acquired by John Scott & Partners in May 2006. The merged business was re-launched in July 2007 as Towry Law. During 2007, the company acquired Baker Tilly Financial Services Limited, the financial advisery division of the mid-tier accountancy firm Baker Tilly, and the UK activities of MLP Private Finance and the regional firms, McGowan in St Andrews, Scotland, Analysis in L’Derry, Northern Ireland and Hazlems Financial, based in London. Towry Law is privately owned; the principal shareholders are Palamon Capital Partners, one of Europe’s leading private equity firms, and Towry Law employees. Towry Law has been accredited as one of the Sunday Times Virgin 'Fast Track 100’ companies. Towry Law has also been appointed by Camelot to provide holistic financial planning advice to National Lottery winners.

 

David Middleton – Head of Strategic Marketing
Telephone: 01344 828 183
E-mail: david.middleton@towrylaw.com

 

or Hogarth PR:

Barnaby Fry, Director
Telephone: 020 7645 3961

E-mail: bfry@hogarthpr.co.uk

 

Simon Hockridge, Associate
Telephone: 020 7645 3989
E-mail: shockridge@hogarthpr.co.uk