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 three further acquisitions of IFAs, including the purchase of the Towry Law Group in May 2006, and today operates under the name Towry.  The business is now the third largest IFA in the UK generating revenues in excess of £50 million with more than 140,000 clients and over £2.2 billion of assets under management and over £4 billion of assets under advice.