Close Brothers aims to add 80 advisers by July

Martin Andrew, chief executive of Close Brothers Asset Management, says the company plans to continue its acquisition programme and is aiming to take on an additional 80 advisers by July.

Stuart Dyer
Stuart Dyer

Last week, Money Marketing, Fundweb’s sister publication, revealed that the firm’s head of intermediary acquisitions Stuart Dyer is retiring in April.

Dyer led the company’s acquisitions of Scott Moncrieff Wealth Management last October, Cavanagh in April, Allenbridge Group in February 2011 and Chartwell in September 2010.

The deals brought the company’s total adviser numbers to around 120 and assets under advice to £8.4 billion at December 31.

Andrew says acquisitions remain a part of the firm’s strategy and he is aiming to have 200 advisers by July.

He says: “Buying a number of IFAs is a key part of our strategy. We will continue to do that after Dyer retires. We are looking at a number of other firms at the moment to build our physical presence in the North-east, Midlands and North-west.

“We are looking for firms that have a good strategic fit with us in the right location.”

Ian Thomas, director of Pilot Financial Planning, says: “I think that adviser takeovers will continue as we approach the RDR. It is inevitable that some advisers will evaluate their proposition and decide to sell ahead of the December deadline.”