Towry will bypass the need to list as it has raised enough money privately to expand through acquisitions, reports Financial Times.
In March 2012, Towry had announced the possibility of floating within 18 months as Palamon, the US private equity group with a controlling stake in the company, was seeking to dispose of its investment.
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However, Andrew Fisher, chief executive, told the Financial Times that the wealth manager had already raised enough money to pursue acquisitions for the future.
In December 2012, Towry raised GBP35 million (US$53.3 million) from co-investors AlpInvest Partners and Honeywell Capital Management. Fisher said an additional GBP10 million had been raised as well.
Towry’s assets under management increased to GBP4.8 billion in the year ending December 31, when compared with GBP4.5 billion in the year before period. The wealth manager has also acquired and added on small teams of advisers.
The revenues decreased slightly from GBP84.1million in 2011 to GBP83 million in 2012.
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By GlobalDataTowry was expecting to be a long-term beneficiary of the Retail Distribution Review (RDR), which came into force at the beginning of 2013.
The new rules have forced financial advisers to be paid for their services upfront, rather than taking commission from companies whose products they sell.
Towry increased its operating profit last year from GBP10.2 million in 2011 to GBP11.8 million.
