Money Portal will control 25 per cent of the UK retail distribution market by March 2008, according to chief executive Richard Craven.
Speaking at the Sage conference in Alicante last week, he said Money Portal currently controls 18 per cent of all retail asset flows and by next March this will increase to 25 per cent.
Craven said Money Portal has three planned acquisitions which will increase adviser numbers from 1,200 to over 2,200 next year, with combined assets under advice of £14bn.
He said group operating profit is currently £4m, which will increase to £7m by next year. An additional £5m of equity investment has been raised to reinvest into the business through an issue of ordinary shares. Money Portal has also released a further £25m through the restructuring of its share capital.
Craven said: “This extra capital on the balance sheet means the business is capitalised by about 20 per cent over the FSA’s minimum requirement.”
He said this extra capital for an independent group compared with others puts them on a par with leading providers, making them ideally placed to move the sector away from transactional business.
Craven said: “Do not view yourselves as just IFAs. View yourselves as a commodity that has the ability to dictate 25 per cent of the assets held by the financial services companies in the FTSE 100.
“We are now a mini, quasi-fund management organisation that you have the chance to be a part of.”