Towry acquires Glasgow-based adviser firm

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Towry has acquired Glasgow-based adviser firm Norscot Financial Services and its wealth management arm George Square Fund Managers for an undisclosed sum.

Norscot was acquired by David Mills in 1990 who went on to set up GSFM in 2010. The two businesses currently advise around 900 clients in the Glasgow area. Mills and his team will be relocating to Towry’s Glasgow office in April. They will continue to service all existing clients.

Towry employs around 650 people in 18 offices in the UK, and manages £4.5bn of discretionary assets as at 30 December 2011. Towry’s investment management service is for clients with £100,000 or more to invest.

Towry head of wealth advice Andy Cowan says: “The decision by David Mills and his team to join Towry underlines the strength of our proposition.

“We look forward to welcoming David and his team to our offices and developing strong relationships with his clients.”

Norscot Financial Services managing director David Mills says: “I am delighted to be joining Towry. I am confident this change is the right direction for our clients and will offer an added dimension to the service and advice we will be able to deliver to them.”