Chase De Vere  

Chase de Vere profit up 74% as its eyes M&A

Chase de Vere profit up 74% as its eyes M&A
Chase de Vere chief executive, Kathleen Gallagher

National IFA Chase de Vere saw its operating profit jump 74 per cent in 2021, the year it bought advice firms Principal & Prosper and Cameron Chase.

The business’ operating profit reached £23.6mn over the 12-month period, up from £13.6mn the previous year.

The firm’s turnover also climbed to £102.5mn, up from £76mn.

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Chief executive Kathleen Gallagher said the firm was “actively looking” to acquire more IFAs in the coming years to continue fuelling its growth plans.

Last year, Chase de Vere bought an Edinburgh-based firm made up of 50 employees and a smaller, 7-person Manchester-based firm.

In previous years, the national IFA has acquired Medical Money Management (2017), Ferguson Oliver (2019) and Nestor Financial Group (2020).

The firm, backed by life assurance company Swiss Life, houses some £11.2bn assets under influence and employs advisers across 17 offices across the UK.

“An important factor in our performance was the contribution made by the firms we acquired in 2021 and in previous years,” said Gallagher.

“These acquisitions have enabled us to welcome fantastic advisers into our company, who really value being able to continue to offer truly independent financial advice to their clients.”

Looking ahead, Gallagher envisions a continuation of the firm's merger and acquisition strategy.

“We are actively looking to make further acquisitions of companies who are as passionate about independent financial advice as we are,” said the chief executive.

“This, alongside having a strong and supportive parent company and remaining committed to providing high quality advice and service for our clients, will help us to achieve our future growth plans.”   

Chase de Vere also highlighted its Net Promoter Score, which rose to 72.3 in 2021, a marked improvement on scores of 60.6 in 2020, 57.8 in 2019 and 50.8 in 2018.

During the year, the firm launched a telephone-based mortgage advice service and focussed on providing independent financial advice to the medical profession, including establishing a handful of new partnerships.