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Openwork hits 3,000 adviser mark


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.”


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FOS orders Openwork to pay compensation over unsuitable charges

Openwork must compensate a client who complained about receiving unsuitable investment advice and claimed they were misled about charges. An Openwork adviser recommended the complainant, Mr M, transfer his existing bond and Isa to another provider with the client understanding charges for the new arrangement would be “broadly the same”. However, when he received the […]


Openwork awards investment mandates to Jupiter and Baillie Gifford

Openwork is launching two equity funds to be managed by Jupiter Asset Management and Baillie Gifford via its investment company Omnis. Jupiter, which has managed an emerging market equity fund for Omnis for two years, will now run the Omnis European Equity fund. It will be headed by Cedric de Fonclare, manager of the Jupiter European […]


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