Crawley, West Sussex, 15 July 2021: Munnypot Limited is pleased to announce that it has entered into a partnership with Cairngorm Capital Partners LLP (Cairngorm Capital) and acquired Whitefoord LLP, to launch Verso Wealth Management (Verso), a wealth management group providing financial advice and investment management, powered by a digital platform. Cairngorm Capital is a specialist private investment firm that provides equity capital, strategic advice and management expertise to ambitious UK companies, to drive transformational growth in their companies.
Using Munnypot’s proven and award winning technology platform, Verso will blend the expertise of its client advisors with automated advice capability, allowing cost-effective customer segmentation by value and complexity. Built to comply with the FCA’s regulatory requirements and connect with the most commonly used industry applications, Verso’s straight through processing engine facilitates financial planning, supports product selection and automates client servicing. The result is operational and regulatory efficiencies that support increased and improved client servicing and in turn, increased revenues.
Verso intends to pursue an IFA consolidation strategy. Cairngorm Capital’s buy, build and transformation expertise will support Verso’s management to execute an accelerated growth strategy, to build a market leading, digital wealth management group.
The first of these acquisitions is Whitefoord LLP, which is expected to complete shortly, subject to FCA approval, and will be Verso’s cornerstone advisor. Whitefoord offers a comprehensive wealth management service that combines discretionary investment management services and financial advice to provide private clients, trusts and pension funds with a highly personalised and bespoke service. It operates its own SIPP, ISA and trust corporation so that its clients can enjoy comprehensive solutions for all their financial planning needs. It recently launched a family office service to meet all the financial and estate planning needs of wealthy families. Based in London with a team of 31 advisors, investment professionals and support staff, it manages investment portfolios valued in excess of £300 million and provides advice on assets exceeding £310 million, as at Q1 2021. Vince Whitefoord, Whitefoord’s Chief Executive, joins Verso’s executive team leading its discretionary fund management business.
Verso’s approach overcomes the inherent inefficiencies in the advisory market, which remains highly manual. Blending the expertise of its client advisors with an automated advice capability, it will provide a high quality and cost effective service to existing and new customers that is tailored to their individual circumstances and requirements. The model will support a broader spectrum of customers, including the sizeable segment of the population that has been underserved to date, such as small savers and new investors. For advisors, the technology proposition will alleviate many of the regulatory and operational challenges impacting the IFA community, allowing them to spend more time focused on their clients.
Verso is in advanced negotiations with a number of bolt-on targets and is actively looking for further firms that it can partner with.
Andrew Fay, Verso’s Chief Executive said, “Verso will make it far easier for advisors to maximise efficiency, reduce compliance risk and increase revenue. Our goal is to become the leading digitally driven IFA consolidator and there’s no limit to our ambition. We would invite any IFA firm that is interested in learning more, to contact us. We are really excited to be partnering with the team at Cairngorm Capital. They have invaluable operational and investment experience in the sector, which we look forward to drawing on. Together as partners, we will have the resources and the expertise to make Verso Wealth Management a very exciting business for IFA’s to come and be part of.”
Munnypot Limited provides a fully automated investment service that delivers affordable and easy understo dinancial advice to individuals. Built to comply with the FCA’s regulatory requirements, Munnypot’s award winning technology provides a straight through processing engine that dispenses financial advice, facilitates financial planning, supports product selection and automates elements of client servicing.
Cairngorm Capital Partners LLP is a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in strongly-performing, private mid-market growth companies in manufacturing, distribution and services industries. The firm’s goal is to build and realise value through growth and performance improvements. Cairngorm Capital’s unique mix of sectoral expertise and investment skill enables it to be actively involved in the strategy and operational focus of portfolio companies, partnering with management teams to grow revenue, enhance margins, improve cash flow or consolidate industry leadership positions.
Cairngorm Capital’s current portfolio includes majority owned stakes in:
Building Supplies Online
Grant & Stone Group
Independent Builders Merchants Group
MRO+ Solutions Group
National Timber Group
Whitefoord LLP combines discretionary investment management services and financial advice to provide its clients with a comprehensive wealth management service. Founded in 2000, it offers highly personalised advice, with bespoke strategies and portfolios, to private clients, trusts and pension funds. Based in London with a team of 31 advisors, investment professionals and support staff, it manages portfolios valued in excess of £300million, as at Q1 2021.