In 2002, Palamon initiated a review of the highly fragmented independent financial advisor (IFA) industry in the United Kingdom, believing that significant changes underway would open up opportunities for the creation of a new national leader. Palamon began a buy-and-build strategy in 2003 with the purchase of John Scott & Partners Ltd, a small, but well-established firm providing independent financial advice to 3,000 clients. The company had successfully developed a new wealth management services model which combined fee-for-service advice with discretionary asset management capability. Following accelerated organic growth and seven further acquisitions of IFAs, including the purchase of the Towry Law Group in May 2006, the business now trades under the name Towry. Most recently Towry Law acquired the UK subsidiary of Edward Jones, nearly doubling its size to just under 300 advisors and over 60,000 active clients. With this acquisition it has £4.5 billion of assets under advice or management.