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April 30, 2014

Baker Tilly UK sells financial advisory business

By Vincent Huck

Baker Tilly UK has agreed to sell its private client financial advice and investment management business to wealth adviser Towry.

The sold off part of the business became part of Baker Tilly UK only a few months ago when the firm bought RSM Tenon in pre-pack deal.

Baker Tilly UK managing partner Laurence Longe said that while many of the core service offerings from RSM Tenon and Baker Tilly UK fit well and complement each other, Baker Tilly UK, "knew [it] would need to consider whether some services would play a part in the newly-merged firm in the future".

"The decision to sell this business will mean that we can focus on areas where both firms have expertise," he said.

Since the merger Baker Tilly UK has been selling a number of specific businesses and offices previously owned by RSM Tenon.

Earlier this month Baker Tilly UK announced it will leave the Baker Tilly international network to join RSM International.

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The move will be effective later this year on completion of a notice period with the Baker Tilly International network. However, Baker Tilly International chief executive officer and president Geoff Barnes told the IAB that "the official leaving date for Baker Tilly UK has yet to be agreed".

Overall, RSM is ranked as the seventh-largest international network globally with fee income of $3.7bn for the year ending 31 December 2013, followed by Baker Tilly International with $3.4bn in fee income for year ending 30 September 2013, according to the latest IAB World Survey ranking.

With the addition, RSM International has filled the gap in the UK market it had since the deal between RSM Tenon and Baker Tilly UK, however it leaves Baker Tilly International searching for a new UK member.

Related links:

Baker Tilly UK opts for RSM International

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