Bestinvest in acquisition talks with adviser firms
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Bestinvest chief executive Peter Hall says his firm is in talks with a number of adviser firms about potential acquisitions.
He says Bestinvest aims to double its £4bn of assets under management in the next five years and the firm could achieve that through organic growth but any potential acquisitions could increase the figure “drastically”.
Bestinvest has 200 staff, which includes 100 client-facing advisers. The firm’s last acquisition was Haines Watts Financial Services in January 2010.
Hall says: “We have a network of businesses so we are looking at regional advisers but we would not rule out a large acquisition. The plan is to find an IFA with value that is a good cultural fit. They also need to have the same focus on the highest levels of professionalism and service.”
Bestinvest recently announced it has set up a new execution-only platform that is powered by SEI.
Hall says the firm is looking to launch a model portfolio service later this year. He says: “The platform is a fantastic addition to our service but it is important to recognise it is only one-third of our business. We have a great advisory and discretionary offering and will be looking to build on that. We want to become the leading advisory business in the UK over the next three years.”
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