Towry's Chief Executive Steps Down; Replaced By Former Prudential Head

Stephen Little

17 April 2014

UK-headquartered wealth advisory firm Towry's chief executive Andrew Fisher is leaving after eight years with the company.

Towry said in a statement that Fisher was stepping down with immediate effect and will be replaced by former Prudential chief executive Rob Devey, subject to regulatory approval.

Fisher has been at the company during a period which has seen it grow from a small local firm to a national business which today employs 750 people in 20 offices across the UK, and manages in excess of £5.5 billion in assets under management.

Devey was chief executive of Prudential UK and Europe and an executive director of Prudential from 2009 to 2013. He previously held various senior positions with Lloyds Banking Group, including MD Direct Channels, MD HBOS Financial Services, and MD HBOS Retail Distribution.

“Under Andrew’s leadership Towry has been transformed into one of the leading wealth advisors in the UK. The board is grateful for the energy and focus Andrew has brought to our business and the value he has delivered to our shareholders,” said chairman Ron Sandler.

“Our ability to attract Rob Devey is a testament to the strength of the company and its opportunities ahead. Rob brings significant financial services experience from within large scale institutions that will help Towry further develop its market position and accelerate its growth,” Sandler added.

The announcement comes as Towry revealed in its 2013 financial results that profits and assets had risen for the sixth year in a row.

The firm said that assets under management assets increased 14.4 per cent from £4.8 billion in 2012 to £5.6 billion. Operating profit remained flat at £11.8 million, while earnings before interest taxes depreciation and amortisation rose to £24.8 million, up from £23.5 million in 2012.

Towry has bolstered its business in the past year with a number of acquisitions and hires. Last month, Towry appointed former Northern Rock chairman Ron Sandler, replacing Gerald Corbett, who is stepping down from 8 May. Corbett will continue to serve as chairman until the end of May to ensure an orderly succession.

Sandler was formerly executive chairman of Northern Rock, chairman of Phoenix Group, and chairman of Paternoster. He was previously chief operating officer of NatWest Group and chief executive of Lloyd’s of London.

Towry completed five acquisitions during 2013, including AXA UK advisory business Bluefin Personal Consulting as well as Lighthouse's 50.1 per cent holding in the shares of Bristol-based wealth management and financial planning firm Deverill Black & Company for £501,000.

The firm has also encountered problems. In 2012, it lost a court case against the Raymond James in the UK, and several former Edward Jones advisors, of soliciting clients.