Openwork hits 3,000 adviser mark

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Openwork now has over 3,000 advisers working across its network, protection business Owl and national advice firm 2plan Wealth Management.

In addition the group’s fund range Omnis has hit £2.5bn of assets after launching in 2014.

The group made an operating profit of £4.8m in 2015, it made its first-ever profit as a standalone trading company in 2012.

In February Zurich confirmed it is to sell its 25 per cent stake in Openwork in the next four years. By 2020, the shares will transfer to Openwork Partnership LLP, which represents member firms.

In July 2015 Money Marketing revealed Zurich had appointed investment banking advisory firm Evercore to explore exit opportunities as senior management look to rid the company of any liability risk associated with the business.

Openwork is currently 67.5 per cent owned by member firms and 7.5 per cent by an Openwork employees trust, with the remainder held by Zurich.

Chief executive  Mark Duckworth says: “Exceeding 3,000 advisers for the first time in Openwork’s history is a huge achievement for the business, particularly in light of the long-term fall in adviser numbers in the UK.

He adds: “Using our size and scale to award mandates to asset managers means we are able to offer bespoke funds at sub-market prices and we are thrilled that advisers have embraced the range so wholeheartedly and recognised the benefits it can bring to their clients.”