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Double deal to create new wealth management firm

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Double deal to create new wealth management firm

Vince Whitefoord

Two businesses, including one based in Sussex, have been acquired by Cairngorm Capital Partners to launch Verso Wealth Management.

Munnypot was founded in 2015 and provides an online investment services.

The Steyning buisiness has been bought alongside London firm Whitefoord to comprise Verso, a wealth management group providing financial advice and investment management, powered by a digital platform. 

The transactions are expected to complete subject to FCA  approval.

Cairngorm Capital is partnering with the management team, led by Andrew Fay and Simon Redgrove, who will lead the Verso Group as chief executive and managing director respectively. 

Vince Whitefoord, Whitefoord’s chief executive, will join Verso’s executive team. Warren Gee, Cairngorm Capital’s chief portfolio officer, also joins Verso’s board as a non-executive director. 

The firm’s investment was led by Neil McGill and Lucy Graham. McGill said:”Our firm believes that the parallel trends of the increased complexity of consumers’ advice needs, their growing adoption of digital services and rising automation in wealth management will endure over the long term. 

“The combination of award winning technology, high quality advice and an exceptional management team ensures that the Verso Group is well placed to capitalise on this. We are delighted to be able to partner with Andrew, Simon, Vince and their teams.”

Verso is also in advanced negotiations with a number of bolt-on targets. 

Cairngorm Capital was advised by Thistle Initiatives and Burness Paull. Munnypot was advised by Ernst & Young, Osborne Clarke, and EY Parthenon. Whitefoord was advised by Collyer Bristow.

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