Company news

Beaufort Financial and paralegal launch advice firm

Advice partnership Beaufort Financial has formed a new advice firm in a joint venture with Worcestershire paralegal, Wills and Legal Services. The new firm, WLS Financial Services, will provide whole-of-market advice. WLS is now  looking to recruit a team of advisers to work alongside Wills and Legal’s 25 paralegals. Former Stirling House Financial Services executive […]

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Acquisitions boost AFH revenues by 50%

Advice firm consolidator AFH has passed £4.5bn in funds under management after a record 16 acquisitions over the last twelve months. In a trading update this morning, AFH said that for the 12 months to 31 October, revenue is expected to come in at £50m, up 49 per cent from £33.6m in 2017. This compares […]

Succession MD steps down for recruitment role

Succession Advisory Services managing director Sanjay Shah has stepped down amid a reshuffle of the company’s recruitment team. Sanjay Shah sold his IFA to Succession in 2014 and was managing director of Succession Advisory Services, the platform arm of the group, from 2016. He left his position this summer to become a recruitment ambassador for the […]

GAM chief executive Friedman exits

GAM chief executive Alexander Friedman has stepped down as the mananger attempts to rebuild its reputation after recent setbacks. David Jacob, former chief investment officer at Henderson and a director at GAM since April last year, will step in as interim chief executive while a full time replacement for Friedman is found. GAM chairman Hugh […]

Standard Life Aberdeen investors want change of leadership

Institutional investors want to see Standard Life Aberdeen’s reigning duo out, according to a poll at Procensus – a platform for sharing opinion on markets. Two thirds of 21 surveyed investors, polled in a Procensus-organized research asked for Standard Life Aberdeen’s co-chief executives structure including Keith Skeoch and Martin Gilbert, would be scrapped. Skeoch and Gilbert have […]

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High Court shuts down £20m property scam

The High Court has shut down a property investment company for defrauding close to £20m of investors’ money. Essex and London Properties was incorporated on 15 April 2005, with a registered office in Sidcup, Kent. It claimed to purchase properties with the intention of selling them on at a profit or getting rental income for […]

Buxton’s trust raises £100m in IPO

Merian Chrysalis Investment Company raised £100m with its initial public offering – half of the intended £200m – according to a London Stock Exchange notice. It is the first trust created by asset manager Merian Global Investors – a spin-off from Old Mutual Global Investors – which Richard Buxton bought with TA Association for £583m in June. […]

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Can Interactive Investor fix Alliance Trust Savings’ technology woes?

The £40m sale of Alliance Trust Savings to fellow flat-fee platform Interactive Investor last week has opened a new opportunity for expansion in the advice space. The execution broker does not currently offer advice and its intentions in the advised market are unknown, while the ATS platform it will acquire is split between direct-to-consumer and […]

DFM and Sipp provider enters administration

Smith & Williamson have been appointed as joint administrators to troubled Sipp provider and discretionary fund manager Greyfriars Asset Management. Partners Adam Stephens and Henry Shinners are handling the wind up of the Leicester-based firm, and started work on 23 October, the company announced this morning. Shortly after their appointment they completed the sale of […]