John Baxter leads MBO of Veracity

25 January 2011 12:59 pm | By Nicole Blackmore

John Baxter has lead a management buy-out of Veracity Asset Transformation Service from Macquarie Group, Money Marketing understands.

Baxter, along with head of operations Tim Crew, are understood to have completed the deal last week for an undisclosed sum.

Veracity provides a business transformation service for adviser firms to move from a commission-charging structure to fees and was launched in October 2009 by Baxter.

In November, Macquarie announced it was closing Veracity and its UK wrap platform.

UPDATE:

Macquarie and Veracity have now confirmed the buy-out, although the sum of the purchase remains unknown.

Baxter says: “We have a compelling proposition, delivered by a highly motivated and experienced team at a very relevant time for the IFA sector. The completion of this buy-out enables Veracity to continue to help businesses with their transformation journey, enabling them to be RDR ready and prepared for the new challenges ahead in the adviser market post 2012.”

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