Our discretionary fund manager is on market

oldwiring

My wife and I, aged 85, are due to have a review meeting with the new representative of our financial advisor, the previous having left after bereavement.

In  his introductory letter he mentioned that the discretionary trust management with whom we had been placed  “is looking to sell the Life & Pensions business in the UK as well as the Wealth Management arm”.  With them we have approx £200K in cautiously invested ISA fund.

I know, we are bystanders in this matter, but wonder, if there are matters of which to be alert in such situation. May be a knowledgeable member will comment..

dunstonh

In  his introductory letter he mentioned that the discretionary trust management with whom we had been placed  “is looking to sell the Life & Pensions business in the UK as well as the Wealth Management arm”.  With them we have approx £200K in cautiously invested ISA fund.

I'm trying to think of which life company is looking to sell its life and pensions book as well as the "wealth management" arm.   There are not many life and pension companies left now as most have sold theirs already to focus on their platform side.

Old Mutual already sold their L&P book and are keeping the platform under the name Quilter.   Standard Life already sold their life and pensions book to focus on their platform and investment business.   Aviva has yet to sell its L&P book and there are some that want it to to but it wouldn't put its platform business up for sale as it's the main part of its open business.  Scottish Widows hasn't sold its L&P book but it doesn't have platform (it's product-based).   There are a couple of platforms up for sale but none that have a L&P book.  So, none come immediately to mind who would fit your description.  Put me out of my misery. Who is it?     

Also, just for clarification, Your title says discretionary fund manager but your post says discretionary trust management.  Those are two different things.  You also say it's in an ISA but you cant hold ISAs in trust.  So, I am going to assume its a DFM.  However, DFMs make their offering available on most platforms (and most DFMs dont have a L&P book).  Choosing to use a different investment model (ie.. advisory portfolio, multi-asset or self selection or even a different DFM) doesn't need you to change your ISA unless you or your adviser feel there is better value elsewhere or your adviser is not independent and is trying to get you to move to their offering.

I think we need just a bit more detail to be more helpful.  Who is your platform, who is your DFM, is your adviser independent or restricted?

oldwiring

@dunstonh   I prefer to keep some details off board, so will PM you tomorrow.

maxsteam

oldwiring said:

My wife and I, aged 85, are due to have a review meeting with the new representative of our financial advisor, the previous having left after bereavement.

In theory, you should have a statement of exactly what you hold and, in theory, it should be possible to put everything into a form whereby you have total ownership and control of the investments, if this is what you want. If it's done amicably, you should be able to correspond and resolve any issue that arise with this.

oldwiring

dunstonh Has been a kind and great help in dealing with my concerns.

oldwiring

Buyer is Oaktree Capital. Does anyone have any knowledge of them?

dunstonh

Another US-based company with a relatively short history (1995).       They have recently got involved with an IFA consolidator (firms that buy up IFA firms).  However, they have said they are going to run the ex Sanlam business separately with a new brand (not yet known) and a new way of doing things.     They have said "with a refreshed commitment to delivering the very best products and services for our clients."  and "Our investment will be targeted at providing excellent products and services for clients".   So, that suggests that they will be a product provider offering their own product and servicing distribution.

Diplodicus

What is the business angle between an IFA and an IFA consolidator?

jimjames

oldwiring said:

Buyer is Oaktree Capital. Does anyone have any knowledge of them?

Friend has worked for them for the last 10 years, seem to be a decent enough company but he's not on the IFA side

oldwiring

dunstonhjimjames The only thoughts on USA companies my sons in law encountered when their employers were taken over; somewhat negative.