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Palamon Capital Partners to sell wealth manager Towry

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Palamon Capital Partners to sell wealth manager Towry

London-based Palamon Capital Partners LP said April 4 thatit entered into an agreement for the sale of wealth manager Towry to TilneyBestinvest for £600 million.

The deal, which is subject to regulatory approvals, will leadto investment returns for Palamon Capital of 13x the invested capital.

Towry, which had more than £9.0 billion of client assetsunder discretion or advice as of June 30, 2015, employs more than 900people. 

Evercore served as M&A and financial adviser to PalamonCapital and Slaughter & May as legal adviser.