The company opened offices in London and Manchester at the end of last year and was awarded full regulatory status by the Financial Conduct Authority in February 2015.
Christopher Wicks has been appointed as managing director of the company’s UK operations, and is tasked with growing the business to 12 IFAs by the end of the year and acquiring £750m in assets under management over the next three years.
As part of its UK growth plan, the company said it plans to acquire smaller UK IFA firms and targeting advisers who wish to retain their UK client base while travelling to international markets.
It will also look to take advantage of the recent UK pension reforms, which removed the requirement for an annuity, by targeting offshore advisers in the UK who have clients requiring advice on transferring their defined benefit schemes but do not currently meet the requirement of doing so via an FCA authorised adviser.
The company will also interact with Holborn’s wider advisory network by providing services and advice to existing clients who return to the UK.
UK prescence needed
Holborn Assets chief executive, Robert Parker, said: “87% of Holborn Assets 15,000 clients are Brits so it is clear we need a strong UK presence to match.
“The wealth of knowledge we bring to the UK non-domicile market and the migrating British public will establish us as a major force in financial advice in the UK in the next three years.”
Wicks added: “The level of marketing resource, expertise, and the backing of a multi-million dollar global financial services business far outstrips much of our competition and will put us in position to be a major player in the UK market in a relatively short period of time.”
He said the company’s UK offices will allow it to continue to offer services to clients who return to the UK and can no longer be advised by their existing offshore adviser, as well as targeting advisers who wish to retain their existing UK client-base while they travel abroad to attract clientele in international jurisdictions.
“It’s a case of looking after these UK clients for the advisers while they are away building business,” he said. “We want to become the go-to for those who want to straighten out their affairs before they leave the country.”
He added that the UK offices will utilise the extensive resources offered by the company’s wider network, adding to its attractiveness when it comes to recruiting further advisers.
“Our UK advisers will take full advantage of the resources offered by our office in the Middle East, it is there and it is extensive so it makes sense to utilise it,” he said. “In the UK, we are currently looking to recruit further advisers, and I think the ability to utilise this impressive resource base will factor majorly in their interest.”
