The exact timing of the push will depend on getting the necessary regulatory and administrative pieces of the puzzle in place.
The financial services firm has been on the acquisition trail of late and has now reached a size which O’Hara said will allow them to be highly competitive in the wealth management arena.
The firm acquired PFP Group in August, taking its total client assets up to £2.2bn.
Ascot Lloyd has been predominantly an IFA business, generally outsourcing wealth management services for its clients but that is now changing, O’Hara explained.
“With the PFP acquisition we have achieved a critical mass in assets now and what that will allow us to do is use the added leverage to get better deals, which we can pass on to clients,” he said.
O’Hara said the services on offer will cover the full range of portfolio sizes, with a bespoke service at the higher end and model portfolios akin to ‘robo-advice’ for smaller investment pots.
“Our investment proposition is going to see significant change over the coming months, and we now have the pricing power and requisite expertise to have a compelling discretionary proposition,” O’Hara said.
As it stands, O’Hara believes the firm has the necessary investment management capability on board, but as things progress in the new year the company could add new wealth managers to its roster, he said.
