Chase De Vere  

Chase de Vere on the hunt for acquisitions

Chase de Vere on the hunt for acquisitions

Chase de Vere will be on the hunt for acquisitions during 2017, the intermediary's chief executive has said.

Stephen Kavanagh said he wants to grow the company through recruitment and through acquisition.

But he said his focus will be on “quality rather than quantity”.

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Mr Kavanagh said: “We have been running a campaign to recruit new advisers in 2016, which will continue into next year.

“We have also been looking very closely at possible acquisitions. There are a number of good quality independent financial adviser businesses that are looking to either sell up or to become part of a larger group.

“We can offer these firms the opportunity to continue giving independent financial advice, which could mean that existing employees are more likely to stay and clients can continue to benefit from the ‘gold standard’ of advice.”

He said the company also has a number of internal projects for next year, such as upgrading its back office system and relocating its Bath-based advisers, administration teams and central services with the expiry of the lease on its current premises.

Mr Kavanagh said that following Britain’s vote to leave the European Union, there would be more uncertainty in 2017.

He said: “Clients with overseas investments have done well as the weakness of sterling has given these holdings a big boost.

“We’ve also seen strength from the FTSE 100, as investors appreciate that larger companies, that earn a high proportion of their revenue from overseas, could be beneficiaries of a weaker UK currency.

“Looking ahead we can expect more uncertainty in 2017.

“Many asset prices look expensive, we will see what (US president) Donald Trump does and there are a host of major European elections coming up which could change the political landscape across the continent.”

Mr Kavanagh said the industry should not underestimate the implications the Financial Conduct Authority’s asset management market study could have in 2017.

He said: “It is likely that we will see fallout in the investment management industry, with downward pressure on prices and greater transparency, together with an increased focus on advice firms to ensure they achieve value for money for their clients.

“This might be bad news for investment houses but should be welcomed by consumers and by advisers who are trying to manage the overall costs for their clients.”

damian.fantato@ft.com