Former Bestinvest head of strategy and acquisitions Dominic Cummings is set for a return to the industry with the launch of a new IFA firm called Intethic.
The firm received FSA app-roval last Thursday and Cummings hopes to have the business running within the next four to six weeks.
Cummings was one ofseveral staff to leave Best-invest following its buyout by private equity firm 3i in summer 2007. He says that the new business will init-ially focus on pensions and asset consolidation.
Cummings says at least one former Bestinvest colleague will be joining the firm and he is still in talks with others. Former Bestinvest head of communications Justin Modray has been involved with the new launch on a consultancy basis but will not be working directly with the company.
Cummings says: “We do have an ambition of running something similar to Bestinvest focusing on financial planning and investment advice but with modest ambitions initially.
“We believe we have allthe tools to develop a strong offering, with my former role helping me to develop a strong book of clients while Justin has been helping with marketing guidance.”