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Wealth Manager: smaller is better for post-RDR investment outsourcing says Tacit

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by James Phillipps on Nov 03, 2011 at 00:01

Being small and nimble is a much touted benefit for a firm in the current regulatory climate and it lies at the very heart of Tacit Investment Management’s offering.

Founding partners Raj Basra and Roy Swain effectively launched the business with a blank sheet of paper last October after the pair left Deutsche Bank Private Wealth Management in early 2010. Basra had been head of portfolio management at the German-owned banking giant, while Swain formerly ran its London intermediary group.

Both have certainly spent plenty of time on the big company side of the fence, with Basra having also worked at Gerrard, which was bought out by Barclays, and Swain having started out at Legal & General before later moving on to Société Générale.

But now having run Tacit for just over a year – during which it has amassed £120 million in assets under management – both are firmly of the conviction that smaller firms are better positioned to take advantage of the retail distribution review (RDR) and the changing nature of the wealth management sector.

‘It seemed like every time we built up our intermediated service offering in the UK, either regulation or IFAs then moved on,’ Basra says. ‘So we felt that we just needed to be able to be more flexible and the only way to really do that is to be a small firm with very experienced people.

‘We started with a blank sheet of paper and looked at what the market needed.’

Discretionary fund management lies at the heart of Tacit’s proposition, but Swain says the firm aims to provide much more than that.

‘We have got a number of strings to our bow,’ Swain says.

 

‘We are not saying “this is our offering and this is what you get”, it is more a question of talking to IFAs and seeing what fits their business. It is a changing marketplace and IFAs are fragmented and run their businesses in a range of ways.

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