Chase de Vere said it will remain an autonomous organisation, following its purchase for £110m by th...
Chase de Vere said it will remain an autonomous organisation, following its purchase for £110m by the Bristol & West Building Society, a subsidiary of the Bank of Ireland.
Graham Hooper, investment director at Chase de Vere, said the takeover indicated the importance being placed on the independent financial advice market.
He said: "The Bank of Ireland has earmarked advice as a key part of the market and sees future growth in the area."
Hooper said the takeover is positive for the company, and will allow Chase to expand its client base via Bristol & West's 131 branches which are spread throughout the UK.
Existing clients are likely to be offered a greater diversity of products through the international base of the parent company, Hooper said, as well as benefiting from the financial strength of the Bank of Ireland.
Based in Bath, London and Leeds, Chase de Vere was established in 1983 by Mike Edge and Michael Chadwick and became an unquoted public limited company in 1988.
More than £1bn was placed on behalf of clients in 1999.
According to the Bank of Ireland, the purchase of Chase de Vere provides an opportunity to extend its existing UK business in an attractive and rapidly-growing sector of the market.
David Holden, head of group public affairs at the Bank of Ireland, said: "There is potential to achieve substantial revenue synergies between Chase de Vere and existing Bristol & West distribution capabilities.
"A recent strategic review of the Bristol & West Direct business concluded that customers' investment needs were best suited to an IFA proposition.
"The customer base closely matches the client profile of Chase de Vere and expansion of this part of the business by the application on an IFA approach can, it is believed, deliver enhanced profits.
"A large percentage of the customer base of Bristol & West comprises of UK residents and a widening of the existing customer relationship will maximise investment fee income opportunities."
Although Bristol & West Retail will retain its current distribution tie with Eagle Star, there will be opportunities to supplement the existing offer by referring customers to Chase de Vere, according to Holden.
While Chase will be able to make use of Bristol & West as a distribution channel it is not going to target the expat client base of the Bank of Ireland as yet.
INDUSTRY VOICE: How can the financial services sector create good outcomes for women as both employees and customers? This was the question posed by Quilter's corporate affairs director Jane Goodland to four panellists at TISA's annual conference this...
Interest rates held
'Transfer volumes to decrease'
‘Call to action for mortgage advisers’