Financial Services News

AJ Bell co-founder Andy Bell and Aviva chief executive Amanda Blanc have each received a CBE in the New Year Honours. Bell was recognised for services to financial services, while Blanc’s award acknowledged her contribution to business, gender equality and the transition to net zero.

Evelyn Partners has launched a graduate programme to develop the next generation of financial planners, with its first intake beginning in September 2024. Participants will learn how to understand clients’ circumstances, build lasting relationships and develop suitable financial plans and recommendations.

SG Wealth Management founder Stephen Girling has died aged 61 following a period of illness. A respected figure within East Anglia’s business community, Girling was widely recognised for his charitable work and the guidance, kindness and opportunities he offered to others.

Premier Miton’s annual pre-tax profit fell by more than 60%, from £15.7m to £5.9m, during the year to October. The asset manager also reduced its dividend after difficult market conditions contributed to net outflows exceeding £1bn for another year.

River & Mercantile has rebranded as River Global following the consolidation of several AssetCo investment businesses. SVM Asset Management, Saracen Fund Managers and Revera Asset Management had already joined the group, while recently acquired Indian specialist Ocean Dial will also adopt the new identity.

Transact ended its 2023 financial year with record funds under direction of £55bn. The platform’s registered adviser population increased by 3% to 7,700, while client numbers grew by 2% to approximately 230,000.

Mergers & Acquisitions

Perspective Financial Group has added £190m in assets through two acquisitions. It purchased Colchester-based Park Lane Independent Financial Advisers, which manages £135m for 300 households, alongside client books totalling £55m from former Fairstone advisers Simon McGechie and Paul Adams.

Knaresborough-based Prosperis has acquired Stephen McDine for an undisclosed sum, adding approximately £50m in assets under advice. The Newcastle IFA provides advice covering pensions, investments, mortgages and insurance.

Atomos has expanded its regional presence by acquiring Shore Financial Planning in Plymouth and Surrey-based Define Wealth. The transactions strengthen its coverage across Devon, Cornwall and the South East, with Define Wealth’s Tim Johnson joining the group.

Evelyn Partners has acquired Beaconsfield-based accountancy and tax specialist Harwood Hutton. Established in 1957, the firm employs 70 people and has particular expertise in supporting entrepreneurs and owner-managed businesses.

Close Brothers Asset Management has agreed to acquire Dorset-based Bottriell Adams, subject to regulatory approval. The IFA manages more than £220m for high-net-worth families and small businesses, with its partners, financial planners and support employees all joining Close Brothers.

Benchmark Capital has acquired West Sussex-based Champain Financial Services, adding £111m in client assets. The advice firm has been part of Benchmark’s Best Practice network since 2011 and already uses its investment platform, client portal and compliance services.

7IM has purchased London financial planning firm Amicus Wealth for an undisclosed amount. The acquisition adds £1bn in assets under management, taking 7IM’s total to £22bn, and will see Amicus leave Quilter’s advice network.

Searchlight Capital has completed its £470m acquisition of alternative asset manager Gresham House. The transaction has resulted in the firm’s shares being withdrawn from AIM, following a period in which its market value grew from £15m in 2014 to more than £450m.

Söderberg & Partners has acquired a minority interest in London-based Generation Financial Services, its fourth investment in a UK advice firm. The backing will help Generation expand its operations, improve its technology and investment proposition, and access additional regulatory support.

Liberate Wealth has acquired Somerset-based Stafford House Investments from Rowan Dartington. The deal adds £275m in client assets, increasing Liberate’s total assets under management to £475m and establishing a presence in the South West.

Skerritts Group has entered the North West through its acquisition of Chester-based independent financial adviser Chadwick McLean. The transaction adds £230m in assets under management and supports the Brighton group’s wider national expansion plans.

Movers

Brooks Macdonald chief investment officer Edward Park is leaving after 15 years with the firm. Park joined as a graduate trainee in 2009 and rose through the business before becoming CIO in 2020. His departure follows the investment manager’s decision to cut approximately 55 roles.

In further news...Daniel Worthing has resigned as head of Brooks Macdonald’s Birmingham office after nine years with the business. He progressed from investment manager to senior investment director and regional team leader, having previously worked at BNY Mellon and SL Investment Management.

Lauren Glaister is returning to Evelyn Partners’ Leeds office as a partner following roles with Abrdn and LGT Wealth Management. She previously worked at Tilney Investment Management before its merger with Smith & Williamson created Evelyn Partners.

In further news...Evelyn Partners has appointed Bindesh Sajvani as group chief risk officer. He joins from Pendal Group and has previously led risk functions at Intermediate Capital Group, alongside holding senior compliance and risk positions within businesses connected to Lloyds, Aviva and Aberdeen Asset Management.

Atomos has promoted Stuart Rosling to head of portfolio management in London following Stuart McCann’s departure. Rosling will retain responsibility for advisory managed stockbroking, while Eleanor Ingilby and Jonty Warneken have also taken senior roles leading high-net-worth services and the Harrogate office respectively.

Sarasin & Partners has expanded its investment team with two appointments. Edward Lloyd joins from Quilter Cheviot as a senior investment manager, while former Cabot Credit Management and Boston Consulting Group analyst Jack Brodie joins its private markets-focused Bread Street team.

In further news...Sarasin & Partners has strengthened its multi-asset capability by recruiting Alastair Baker from Abrdn and Cédric Phounpadith from Vanguard. Baker will work alongside chief market strategist Guy Monson, while Phounpadith becomes head of investment risk.

7IM has appointed former Santander executive Ben Covey to lead its private client business, succeeding Colin Rowe. Catriona Reed has also been named head of private clients in London after previously overseeing intermediary activity across northern England, Scotland and Northern Ireland.

Hampden & Co has hired Claire Mann from Handelsbanken as head of client proposition. Mann brings extensive customer relationship management experience from Handelsbanken, NatWest, KPMG and HSBC and will help the private bank broaden its client reach.

Two senior figures have departed AJ Bell’s investment operation. Head of investments Jamie Ward is leaving the business, while Kevin Doran has joined Scottish Widows as chief investment officer after previously serving as AJ Bell’s managing director of direct-to-consumer services and investments.

Quilter has recruited Paul Canning as business development manager for London and the South East within its platform division. Canning joins after 17 years with Abrdn and brings more than three decades of financial services experience, including roles at Royal London, RSA and Aviva.

Roger Marsden has been appointed chief executive of Succession Wealth, subject to regulatory approval. He succeeds the retiring James Stevenson and brings senior experience across savings, retirement and retail wealth from Aviva, Barclays Capital and Deloitte.

Andrew Briscoe has stepped down as interim chair of the Personal Finance Society after five months in the position. The former Money Advice Service and Indesser chair left the PFS board on 1 December and ceased serving as a director on 7 December.

Nucleus chief digital officer Andrew Smith is leaving after 13 years with the platform provider. Smith was involved in launching Nucleus Wrap in 2006 and played an important role in shaping its early focus on the needs of financial advisers.

SimplyBiz has appointed Fabian Wiesner to the newly created position of head of distribution partnerships. He joins from Aviva Investors and brings experience in strategic partnerships and relationship management gained at Aviva and Old Mutual Global Investors.

JM Finn has strengthened its board with the appointment of Louise Hall, Vincent Camerlynck and Christophe Maters as independent non-executive directors. The trio bring extensive experience spanning private client investment management, international asset management, banking, consulting and corporate investment.

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All information provided in this Market Digest has been gathered from various public sources