The £600 million deal for Tilney Bestinvest to buy Towry has been sealed, with the combined business having a total of 240 Financial Planners.

The wrapping up of the agreement, first announced in April, was announced this morning.

It creates one of the UK’s biggest wealth management businesses.

The firm will operate with 120 investment managers from more than 30 offices across the UK and over £20 billion of assets under management and administration.

Peter Hall, chief executive, said: “We are delighted to have completed this transformational deal. This brings together two individually successful businesses to create a truly market leading wealth management group that provides both highly skilled financial planning and award-winning investment management services right across the UK.”

“We have put together an exceptionally experienced leadership team from the two previous businesses and our integration plans are well advanced. The enlarged group will build on the ‘best of both’ previous businesses and the strong foundations of a shared commitment to the very highest standards of professionalism.

“While existing clients will see continuity in their advisers and the personalised service they receive, the greater scale the combination brings will enable us to support clients from a broader office network and offer a wider range of services to suit different needs.

“The greater scale will also enable us to invest further in areas such as technology, client support and research to ensure that we continue to deliver a first class service and excellent investment performance.”