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Friday, November 20, 2009
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Edward Jones to sell off its U.K. biz to indie advisory
Edward Jones will sell its operations in the United Kingdom to Towry Law, an independent-wealth-management firm.
Edward Jones has more than 300 offices in the United Kingdom and employs roughly 1,000 people there. Its financial advisers in the United Kingdom, who have more than 50,000 clients, have a combined $2.4 billion in assets under advisory. Jim Weddle, a managing director at Edward Jones, said that as part of the agreement, Towry Law will make a roughly a $8 million payment to Edward Jones next October. In addition to this payment, Edward Jones has also negotiated to participate in any tax loss carry-forward that Towny Law recognizes from the deal over a “long-term” period, Mr. Weddle added without specifying how long this arrangement will last.
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