John Baxter has lead a management buyout of Veracity Asset Transformation Service from Macquarie Group for an undisclosed sum.
In November, Macquarie announced it was closing Veracity and its UK wrap platform.
The deal, revealed by Money Marketing online, gives Veracity chief executive Baxter and chief operating officer Tim Crew full control of the business.
Veracity helps financial adviser firms make the transition from a commission-based transactional model to a fee-based service model ahead of the RDR. The firm was launched in October 2009 by Baxter.
Veracity chief executive John Baxter says: “Servicing legacy investments and pensions is the Achilles’ heel of the existing advice sector in that it often suffocates the capacity out of a practice in exchange for little or no ongoing revenue. Veracity helps advisers manage the potential conflicts of interests between what is best for the firm and what is best for their clients in tackling what for most firms will be their single biggest challenge ahead of the retail distribution review.
“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 buyout 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 after 2012.”