UK wealth advisor Towry has raised £35 million ($57 million) of new equity to help fund its expansion plans. The investment was made by two co-investors of its principal shareholder Palamon Capital Partners - AlpInvest Partners and Honeywell Capital Management.

Towry explains that the new Retail Distribution Review regulations, effective from the end of this year, are providing significant opportunities to accelerate acquisitions and recruitment. Towry has made 10 acquisitions and has grown its advisor base from 13 to 144 since Palamon first invested in the firm in 2003. The firm’s assets under management have grown from £250 million to £4.6 billion over the same period.

“We have exciting expansion plans as we see enormous opportunities arising from the RDR. The new capital raised gives us a solid base from which to execute our plans for further growth,” Andrew Fisher, chief executive of Towry, said in a statement.

Earlier this year, Towry completed a £47.5 million financing package with Macquarie Bank and Royal Bank of Scotland.