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National IFAs team up for investment distribution deal

Vertically integrated advice firms Tavistock and Lighthouse have entered into a deal to establish a new investment management company.

The new business will use Lighthouse’s in-house investment arm, Luceo Asset Management, to develop and distribute Tavistock products to Lighthouse’s advised clients.

This will include Tavistock’s new capital protection offering, and potentially be widened to its model portfolio services and other investment solutions at a later to date.

Lighthouse is a prominent name in the workplace advice market, with deals to advise unions like Prospect and Unison.

Lighthouse currently has around £5bn of assets under advice with £1bn of new client investment and pension fund investments a year, according to a stock exchange announcement this morning.

Results last year showed that Luceo was driving £1m of new flows a week for Lighthouse.

Meanwhile, Lighthouse has also taken a 5 per cent stake in Tavistock, as Tavistock raises £1.25 of new capital through a share offering.

Lighthouse was the largest participant in the offer, buying £1m worth or shares. The fundraising replaces an existing debt facility used by Tavistock to reduce interest payments.

Lighthouse chief executive Malcolm Streatfield says: “Tavistock has demonstrated its ability to establish an investment management business of scale since its inception in 2014 and I am delighted that we will be working together to develop additional high-quality investment solutions for the benefit of our mutual client bases. I believe that this will be the start of a successful working relationship between Lighthouse and Tavistock.”       

Tavistock provides advice through its Tavistock Private Client brand, but also support services to advisers and wealth management through the Tavistock Partnership and Tavistock Wealth arms respectively.

Tavistock chief executive Brian Raven says: “[Lighthouse’s] selection of Tavistock as its partner to further develop its Luceo range of investment solutions is a strong endorsement of our expertise in this field. We look forward to achieving considerable success together in the coming years.”

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