Russell Investments to acquire IFA network group
Russell Investments has announced that it will acquire On-line Partnership Group Limited (OLPG), significantly expanding Russell’s relationships with UK independent financial advisers (IFAs) and enhancing the way in which the OLPG’s advisers work with retail investors.
Russell provides advice, investment solutions and implementation services to thousands of corporate retirement plans, professional investors and financial advisors worldwide, and has a strong commitment to both the institutional and retail UK market. Today’s transaction demonstrates this commitment to investment advisers and their clients by enabling OLPG’s network of over 600 advisers to draw on Russell’s expertise in investment management, and benefit from its resources for training, technology and compliance support.
IFAs in the UK have completed the initial transition from a commission-based to a fee-based advice model as required by the RDR. However, they face new challenges serving their customers whilst operating small businesses at a time of market and economic uncertainty, and at the same time demonstrating compliance with regulation and ongoing training requirements.
Russell intends to expand the services provided by the OLPG’s members, bringing new resources to bolster its existing investment research, technology and administration capabilities, as well as increasing training opportunities to help advisers thrive and better serve their clients in what is a new era for financial advice.
Greg Stark, managing director of retail and partnerships for the UK at Russell Investments, said: “We have accumulated a deep expertise in providing independent investment advice and multi-asset investing over the course of four decades. When we were looking to expand our existing relationships with UK advisers, On-line Partnership Group stood out because of the strength of its business model, the quality of the member base, and its robust compliance culture.”
Kevin McDonagh, group chief executive of the On-line Partnership Group commented: “This acquisition is excellent for our members. Russell Investments shares our principal goal, which is to help advisers run sound and successful businesses for the benefit of investors. They have the heritage, resources and experience to invest in our business and enable us to grow. This will allow us to better support our members as they seek to meet the increasingly sophisticated needs of their clients.”
Commenting on the acquisition, Pascal Duval, CEO for EMEA at Russell Investments said: “Acquiring On-line Partnership Group demonstrates the scale of our ambitions in the UK. We’re committed to bringing our expertise to a broader audience and improving financial outcomes for individuals and institutions.”