Wealth manager Towry has been sold by private capital firm Palamon to Tilney Bestinvest for £600 million in a deal which creates one of the UK’s biggest wealth management businesses.

Speculation that Tilney is involved in a process for a £700m takeover of Towry is wrong, Financial Planning Today understands.

Towry has hired a new investment director from Brewin Dolphin to bolster its London team.

Towry, the Financial Planning and wealth management firm, has appointed a new chief financial officer from Legal & General.