View the article online at http://citywire.co.uk/wealth-manager/article/a743286
How will the SandAire-Lord North Street tie-up work?
by Danielle Levy on Apr 02, 2014 at 07:00
As a result, the combined management team will take its time coming to key decisions over brand and investment process. The two businesses will continue to be run as separate entities for the foreseeable future.
‘We are going to keep the two entities for the time being, so clients will have exactly the same service, the same people looking after them and the same investment process. Then we are going to put our heads together to decide the best way to do things. Things aren’t going to change overnight. We have got to provide continuity to clients,’ Drake said.
His sentiments were echoed by SandAire founder Alex Scott (pictured).
‘What we are creating is a business with greater critical mass and that will bring more skills and knowledge within the business and therefore at the disposal of our clients. One of the strong characteristics of the combined business is our clients, who, in the main, are successful individuals and families,’ Scott said.
‘This is an exciting opportunity to have a larger critical mass of clients to work with as we develop the business further.’
On charges, Drake said: ‘We have the same methodology exactly, so we will continue as we are for clients.’
Scott said that it would not be a battle between the two brands when it came to integration.
‘We recognise that both brands have sound reputations. This is our starting point and when we consolidate we need to make sure we are respectful of that.’
Scott added that while mergers and acquisitions have continued in the mainstream wealth management sector over the past three years, he does not view the SandAire-Lord North Street tie-up as part of a similar trend in the private investment office sector.
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