A story at the weekend which suggested that Tilney Bestinvest was planning a £700m bid for rival wealth manager Towry has been given the cold shoulder.
A report in The Sunday Times quoted insiders, saying that the two IFAs were planning to get together and create a giant investment firm with assets under management of over £18 billion.
Yet within 24 hours the report was played down by sources close to the deal, who said that Tilney Bestinvest owner Permira Capital was not planning such a bid and that the story was based on speculation.
Towry is currently up for sale after its private equity owner Palamon Capital Partners decided against a listing on the FTSE250.
IFA Magazine contacted both IFA firms, but no further details were provided.