Towergate Financial Planning will announce a new brand in the coming weeks while John Charcol remains under the same brand.
The sale of Towergate’s advice business was announced earlier this month, when the financial planning arm was initially purchased at £8.64m.
Palatine said the additional funds combined with the original purchase price would allow for investment in growth as well as the improvement of systems which would help the management teams to deliver high service levels to their private and corporate clients.
Former CEO of GMAC-RFC, Simon Knight, will join John Charcol as CEO with further senior appointments due to be announced. Ian Darby, former retail director at Aviva Life, has also been appointed executive chairman across the businesses and will work alongside the incumbent management team.
John Charcol’s team will continue to be led by Walter Avrili who joined the business in 1984 before being appointed to managing director in 2010.
Ian Darby, executive chairman, said: “I am delighted to be able to lead this transaction to invest in a growing national financial advisory and mortgage broking business.
“They both employ some truly great people and we have an excellent strategy to develop and strengthen its routes to market through intelligent strategies and investment. The market opportunities available to both businesses are significant and we look forward to capitalising on these over the next few years.”
