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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