IFA consolidator Moneygate has launched a discretionary fund management (DFM) business after it acquired the discretionary arm of an advice firm.
Moneygate has acquired and rebranded the DFM service of Somerset-based Watermark Financial Solutions, which will now be called Marketstar, for an undisclosed sum.
Marketstar will provide Moneygate advisers with model portfolios designed, run and managed by a management team and an investment committee.
The IFA side of Watermark Financial Solutions has become a member of Moneygate bringing in five advisers, £1 million turnover and £50 million in assets under advice.
Watermark’s chief executive Mark Woods has been appointed strategic investment officer of Marketstar.
Lee Hartley (pictured), Moneygate’s group chief executive, said: ‘Mark has a four year track record of delivering excellent returns to his investment clients and we are delighted to have him on the team.
‘He shares our investment philosophy and has a passion for delivering safe and consistent returns for clients across the UK. Adding a wealth of experience to the team it gives us a platform to offer our clients further added value services.’