The Socium Group
Penta Capital have backed Mary-Anne McIntyre, the former CEO of Openwork, the largest IFA network in the UK, to carry out a buy and build in the UK independent Financial Advice market. The market is the least consolidated of all financial services and has the advantage of being a market where the customer is underserved. The plan is to create a national Financial Advice business by deploying £60m in equity out of total funding in excess of £160m to acquire IFA businesses across the UK.
The aim is to create a best in class advice business, providing superior service and value for money for the customer, with significant central support allowing the acquired businesses to focus on customer needs.
Mary-Anne has a long track record of managing and growing advice businesses. As CEO of Openwork, and prior to that with other major financial services companies such as Fidelity where she was Head of European Customer Services and Old Mutual Wealth where she was head of Chief Distribution officer. She is supported by Simon Brunt, CFO, formerly CFO of Openwork and Instrinsic, and David Shearer, Chairman, a veteran senior non exec with extensive financial services experience.