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Towry boss to exit on £600m Tilney Bestinvest deal

Towry CEO Rob Devey will leave the firm once the acquisition is completed.

Towry boss to exit on £600m Tilney Bestinvest deal

Rob Devey (pictured) is to exit the firm following the completion of Tilney Bestinvest's acquisition of Towry.

Tilney Bestinvest's chief executive Peter Hall will head the combined group. Devey will remain CEO of Towry until the £600 milion takeover completes within the next three months.

A spokesperson for Tilney Bestinvest said there would be no immediate impact on advisers, investment managers or client facing staff as a result of the merger, however. 

The company is to review the structure of the combined business to determine where services may be duplicated.

No decision on office closures has been made. The spokesperson added: 'There are a limited number of locations where we overlap. Any decisions will be taken on the basis of which offices have appropriate capacity to house the combined teams and lease agreements.'

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