CompaniesDec 11 2015

DB transfer service launches

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DB transfer service launches

Tideway Investment Partners has rolled out a new wealth management service.

The service is to be led by James Brooks and Peter Simes who have experience in the private banking, discretionary fund management, family office and private wealth areas.

The pair will develop “a range of targeted solutions” for the financial adviser and wealth manager community.

Tideway said new management portfolio and defined benefit services will be “at the forefront” of the new initiatives.

Mr Brooks and Mr Simes will be rolling out a range of new services designed for financial intermediaries to buy an ‘off the shelf’ solutions to offer clients at retirement.

Tideway said many advisers do not currently offer defined benefit transfer services due to the regulatory complexities and expertise required.

Mr Brooks has 20 year’s worth of experience and has worked at firms such as Winterthur Life, Killik & Co, Gerrard Investment Management, Brewin Dolphin and Ashcourt Rowan.

Mr Simes has worked at Axa, Legal & General, and latterly Canada Life as a consequence of the LGII takeover.

James Baxter, founding partner at Tideway Investment Partners said: “Pension freedoms have created significantly more interest in transfers from defined benefit schemes to personal pensions.

“It’s going to be a big movement of funds, with estimates suggesting more than £100bn of funds over the next five to ten years, from 10 million deferred defined benefit pension holders in the UK.

“Tideway has seen a very high increase in demand for its specialist transfer advice service in 2015 direct from scheme members, now we want to help other advisers engage with this excellent opportunity.

“We can understand why many advisers would prefer, for a variety of reasons, to outsource this complex transaction. Tideway can take on their client for the transfer advice and where appropriate complete the transfer and hand them back the client with significantly more pension assets for the adviser to service on an ongoing basis.

“James and Peter bring us a wealth of knowledge in the UK adviser market to help us engage with the adviser community providing them with advice and investment solutions to help them build their at-retirement businesses.”