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View the article online at http://citywire.co.uk/wealth-manager/article/a745957

MacKinnon: Regulation, not profitability, motivated Ingenious deal

by Danielle Levy on Apr 14, 2014 at 14:44

Thurleigh’s four-strong investment team are set to join Ingenious’s 12-strong team, with a small number of redundancies expected elsewhere in the business. While the two processes have similarities, MacKinnon said the organisations would take their time to integrate.

He anticipates a 25% commonality in holdings across both boutiques, which could rise to 50% in a year’s time. For the foreseeable future the two organisations will continue to be run separately in order to ensure minimal client disruption. A decision on the name of the merged business is yet to be made as well.

‘The important part is what we are doing for the client. We don’t think the name is central as neither of us are retail brands,’ MacKinnon said.

Looking ahead, where do the opportunities lie? MacKinnon highlights the £3 million to £7 million bracket, which he describes as ‘woefully underserved’, alongside the platform sector, where both firms have developed propositions in recent years. ‘The financial adviser community has changed radically over the last few years. We have now got high quality advisers and we can deliver a high quality investment management solution to them,’ he said.

Bowles, meanwhile, highlights the charity sector as an area of interest, where the combined entity will run some £100 million.

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1 comment so far. Why not have your say?

Victorian Assets

Apr 14, 2014 at 15:09

RDR in general excellent regulation.

The unintended consequence however is that the regulatory burden benefits the big players who will continue to swallow up the small wealth managers. This is making it more and more difficult for small start up funds to get the oxygen enough to get going; thus, ultimately reducing choice for consumers. Add to this the likely wrong-headed drive to disallow capitalisation of fund research in funds' NAV and it will then become impossible for all but the Fidelity's of this world to survive. More proof, if any more were needed, that regulation benefits the big incumbent.

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