Bestinvest chief executive Peter Hall says he is looking to double the company’s assets under management to $10bn within the next five years by acquiring a number of large firms.
The investment advisory business currently holds around £4.7bn in assets under management on behalf of more than 50,000 clients.
Speaking to Money Marketing, Hall says he would like to see assets more than double to £10bn by 2018.
Hall says he expects major consolidation amongst advisory firms as a result of the RDR, and believes scale is necessary to succeed.
He says: “You need scale in order to be efficient in terms of all the support costs and compliance that one needs in a business, so for us it will be important to acquire.
“The number I have in mind is that we should be a £10bn asset firm in five years. That means you need to think about radical options. You do not get there through a few small acquisitions, you need to look at tying up with some other big players.”
Hall says Bestinvest’s execution-only service Select is also a key avenue for growth, servicing orphan clients who have been deterred from paying for advice post-RDR.