Redmayne-Bentley has acquired the client book of Park Square Stockbrokers and has taken on two of its investment professionals.
Former Fyshe Horton Finney director Peter Knowles set up rival firm Park Square Stockbrokers across the street from his former employer in early 2010, with former colleagues Andrew Feldhaus and Luke Rundle coming on board as directors.
The boutique stockbroker has now been sold and its execution-only, advisory and discretionary clients taken on by Redmayne-Bentley.
Feldhaus has joined Redmayne as an investment manager looking after a portfolio of private clients, while Knowles joins as a consultant. Both now work in Redmayne’s Leeds office.
Feldhaus said: ‘The move was down to changes in the retail distribution review (RDR), together with the greater opportunities that are afforded by a larger firm. With the increasing burden of the regulatory environment, we realised we needed some critical mass and in the Redmayne-Bentley offer we saw what was needed for our clients.
‘The client book consists of a lot of high net worth individuals and business people.’
‘Peter is looking for a different type of role. He will be 60 next year and he’s looking to step back but still be engaged with the industry.’
Feldhaus said Park Square was a casualty of increasing regulation in the industry, adding: ‘The new RDR qualifications are affecting some of the more experienced professionals in the industry.
‘You’re starting to realise that you’re spending a lot of time on regulatory matters and that detracts from the time you’re spending on clients. It’s difficult for smaller firms in the regulatory environment. That’s a real issue for firms and you’ll increasingly see consolidation in the market.’