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 well-established firm providing 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. Towry became the largest independently-owned financial adviser in the UK following the acquisition of the UK operations of Edward Jones in December 2009. During 2011 the company generated revenue in excess of £80 million with more than 25,000 clients and over £4.1 billion of assets under management.