International firms plan UK IFA swoop

12 August 2010 at 16:17

International firms plan UK IFA swoop Many foreign fund firms are currently planning to make a move to buy out UK independent financial advisers (IFAs), it has been claimed.

Ronan Kearney, managing director of Allium Capital, said he feels that as many as 15 per cent of the IFA firms in the UK may be bought out in the coming months, subject to financial services compliance.

The expert pointed out that many of the organsiations planning to swoop are located in the US and recognise the potential in breaking into the UK distribution market.

He explained: "The UK is the most competitive and advanced market in the EU and it is extremely difficult to break into. If small firms start getting amalgamated and bought out by non-UK fund managers, it would be an easy way to access the UK market."

Mr Kearney added that such moves would help to "shake up service standards" in the UK.

It comes after adviser research by Defaqto revealed that 62 per cent of IFAs place the majority of their investment and pension business through platforms.

Posted by Claire Robin ADNFCR-3006-ID-800023238-ADNFCR

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