Investment management company Marlborough Group has taken a minority shareholding in national advice firm Truly Independent.
Marlborough said it had made a “significant” investment in Truly Independent, but did not specify how much the investment was worth.
The investment, which has been approved by the FCA, is to support the national advice firm’s ambitious growth strategy.
Truly Independent currently has 75 financial advisers and £1.5bn in assets under administration. The firm’s independent status will not be affected by the investment.
Richard Goodall, chief executive of the Marlborough Group, said: “The team at Truly Independent have greatly impressed us over the years we’ve been working with them. Like us, they have a strong entrepreneurial spirit, a commitment to delivering first-class outcomes for clients and that all-important ‘can-do’ attitude.
“They have ambitious plans for growth and we’re strong believers in their story, so we’re investing to support it. We won’t be trying to change anything. We’re investing to share in the success of what we believe is an outstanding business.”
Goodall added that the investment shows Marlborough is confident in the long-term growth prospects of the IFA sector more generally.
“We’re working in partnership with more and more adviser firms and we’re firmly of the view that this is a sector with an exciting future,” he said.
Andrew Goodwin, founder and chief executive of Truly Independent, said: “This investment will provide valuable growth capital as we continue to bring on board new advisers who are keen to join one of the UK’s fastest-growing and most ambitious independent financial advice firms.
“Equally important though is that we will benefit from the huge breadth and depth of experience within the Marlborough Group. They have a well-deserved reputation for investment excellence, which is one of the reasons we use their MPS service, but they have a wealth of expertise in other areas too that will be valuable in supporting our continuing growth.”
The Marlborough Group has more than £11bn of assets under management.
amy.austin@ft.com
