View more on these topics

Merchant House recruits 120 former Clarkson Hill advisers

Merchant House has recruited 120 former Clarkson Hill Group advisers and raised £345,000 of share capital following the acquisition of the firm’s assets.

The company launched its financial planning arm, Merchant House Financial Services, in December after acquiring assets from Clarkson Hill.

The firm now has 32 FSA-registered IFAs and says it expects the regulator to register all the remaining adv- isers that moved to Merchant House.

In an announcement to the stockmarket last week, the firm said it had raised the £345,000 of share capital to help develop the business.

MHFS says it now has £541m in assets under supervision and more than 30,000 clients.

Merchant House Group chief executive Christopher Day says the firm expects MHFS to contribute significantly to Merchant House Group’s 2011 revenue.

He says: “Merchant House Financial Services is going from strength to strength and is now solidly positioned to contribute to the continuing growth of group revenue.”

In December, MHFS appointed Foster Denovo founding director Nic Brown as managing director and as a director on the board.


Brooks Macdonald to launch new funds business

Wealth management firm Brooks Macdonald Group has reported a pre-tax profit of £3.06m for the second half of last year, despite being hit by a Financial Services Compensation Scheme levy of £544,867. The firm has also unveiled plans to launch a new funds business in the summer led by former Scottish Widows Investment Partnership sales […]

Zurich increases Openwork loan and offers advisers preference shares

Zurich has increased its loan facility to Openwork from £18m to £30m and offered the network’s advisers 30 per cent of preference shares in a restructuring of the firm’s funding. Shareholders met at Birmingham Airport yesterday and 95 per cent voted for a restructure of the business which will see Openwork advisers given 30 per […]

Reaction to Japanese tragedy

Fund managers say it is extremely tough to make short-term predictions about the economic outlook for Japan following the tragic events triggered by last week’s earthquake. PSigma Investment Management chief investment officer Tom Becket says the lack of certainty over the nuclear threat and the devastating impact of the earthquake and tsunami, which have claimed […]

RBS discloses £1m executive pay packets

The Royal Bank of Scotland is expected to reveal that 300 senior staff received pay packages averaging £1m each last year. The pay deals of the bailed-out bank’s senior executives will be outlined in the group’s annual report, due to be published on Thursday. The Government currently holds an 83 per cent stake in RBS. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment