Financial advisory firm Perspective Financial Group has announced that it will float on the London Stock Exchange’s Alternative Investment Market, with the aim of raising £28m of capital.
Perspective was established in April 2008 to take advantage of the changes wrought by the Retail Distribution Review. It has grown rapidly by pursuing an aggressive growth strategy, largely focused around advisory firm acquisitions.
According to a statement, the company now serves 84,000 private clients and approximately 500 corporate pension clients, and manages about £2.5bn in client assets.
The move to float comes despite claims from another AIM-listed national IFA firm last year that investors are not attracted to advisory companies in the wake of the RDR changes.
Lighthouse Group had sought to de-list from AIM, but opposition from many shareholders, including the group’s former chairman, forced it to abandon the plans. Its chairman, David Hickey, stepped down in August 2012.
Damian Keeling (pictured), CEO of Perspective, said: “We set up Perspective in 2008, specifically to take advantage of the opportunities in the UK financial advisory market, resulting from the recent introduction of the Retail Distribution Review.
“Since inception, Perspective has continually delivered strong profitable growth driven by our core acquisition and integration strategy and as the group builds on this momentum, an IPO is the logical next step.
“We believe that Perspective offers investors a unique way to capitalise on these changes to the UK financial advisory market whilst the shifting demographics and the need for individuals to take responsibility for their own financial advice also supports our business model and future growth.”
