View more on these topics

Rickman Tooze back in business with MBO

Rickman Tooze IFA advisers have struck a deal to buy the assets of the firm forced into administration by a 350 per cent PI increase and crippling pension review costs.

A group of the firm&#39s top-earners has succeeded in buying the assets of the business for an undisclosed sum after it went into administration on August 9.

The group of 12 has formed a limited liability partnership, which will be known as RT Financial Planners but has not yet received FSA authorisation.

The remaining 21 RIs are leaving and are hoping that they will receive the commission owed to them when administrators Baker Tilly split any remaining funds left in the old firm.

RT Financial Planners plans to trade as a small group of fee-based financial advisers targeting high-net-worth business.

Former Rickman Tooze chief executive Matthew Morris said it was wrong to say that the investment IFA had failed after 16 years successful trading but added that the difficulties it faced from PI increases and the pressure of regulation in the past 12 months had forced it out of business. He admits the pension review left a significant hole in the company&#39s funds.

Rickman Tooze was previously owned by a group of eight private shareholders and two of those are taking part in the new partnership. The partners will take varying stakes in the company in proportion to their investment.

Rickman Tooze had offices in Cirencester, Cheltenham, London and Winchcombe, some of which will now close.

Morris says: “I take issue with focusing on the Rickman Tooze business as a failure. At the end, it could not operate in the new environment and I would not be surprised if it was followed by another 250 IFA firms.”


Bailey is set for equity income fund of funds

Multi-manager specialist T Bailey will bring out an equity income fund of funds in November to complement its existing growth fund of funds. The Ucits III-compliant Fof will contain around six underlying funds. It will aim to outperform the FTSE All-Share index by at least 10 per cent and will have an annual target yield […]

Eye to the future

Gartmore has introduced four multi-manager funds to complement its Gartmore portfolio: balanced strategy fund. One of the new funds, the Gartmore port-folio: UK high alpha fund, aims for growth by investing in funds that invest mainly in UK equities. A core and satellite approach means relatively lower-risk core UK funds will be complemented by a […]

Abbey way opens up for Santander

The field has been left open for Santander Central Hispano&#39s takeover of Abbey National after weeks of speculation ended with HBOS ruling itself out of the bidding. HBOS says its bid for Abbey was abandoned because it sees better prospects for shareholder value in developing its existing business. It is also believed that HBOS analysts […]

Customs briefing sets out position on network VAT

Support services providers could face Vat bills on member services but traditional networks will escape the charges, according to a leading tax expert. After industry pressure, HM Customs and Excise has issued a business briefing to explain how Vat should be applied to IFA networks in the future. The briefing, which was quietly issued to […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment