Bath-headquartered financial advice business Fidelius Group aims to double in size over the next five years following approval of an investment in it by a major Swedish wealth manager.
The Financial Conduct Authority (FCA) has cleared Sӧderberg & Partners’ acquisition of a significant minority stake in the firm – giving it the green light to embark on the major growth strategy it announced when the investment was made in January.
Fidelius, which was launched in 1998 and now looks after £2bn in assets under advice, offers advisory services, including wealth management, employee benefits and mortgages, along with a specialism in advice to returning expats.
As well as its head office in Bath, it also has operations in Cheltenham, Chelmsford, London and Mansfield.
It said its expansion would be in four ways:
By partnering with IFAs (independent financial advisors) who were looking for the resources and support to facilitate their own future growth. Fidelius said this demonstrated its difference to many of the “consolidators” in the marketplace.
Through a partnership model for individual advisers, which would give them the chance “to work at a modern chartered financial planning firm with the opportunity to increase their earnings potential allied with a capital event in the future”.
By harnessing technology to support client service. Fidelius said its relationship with Sӧderberg & Partners would allow it to use its knowledge and expertise in leading technology solutions to benefit the firm and its clients.
By building relationships with the wider professional community. It said clients were now demanding a wider proposition, which included the expertise of accountants, solicitors and financial planning firms. Fidelius said given its previous experience working with other professionals, it was well placed for this.
Meanwhile, Fidelius chief executive officer Jim Grant, pictured, is to step down after 12 years in the role to become executive chairman.
The firm said it this role he would continue his involvement with oversight of leadership and governance within the firm, and would be responsible for communications with shareholders.
Taking over his responsibilities for the day-to-day running of the business as CEO will be chief operating officer Ian Fowler, .
Non-executive chairman Mike Bennett and non-executive director Graham Miller are to step down from the Fidelius board.
Jim Grant, who is widely credited with helping shape and grow the business and its client proposition since joining in 20231, said: “I am delighted that the FCA has now approved our application and, with Sӧderberg’s support and expertise, we can now put in place the exciting plans we have devised to deliver our next stage of growth.
“I would like to congratulate Ian Fowler on his progression to the role of CEO. He has the skill, drive and determination to lead Fidelius on the next stage of our journey.
“Ian’s focus will be on ensuring we have a clear vision and strategy for growth. I also thank Mark Bennett and Graham Miller for their sage advice and contribution to Fidelius over the last few years.”
Söderberg & Partners, which paid an undisclosed amount for its stake in Fidelius, is one of the Nordic region’s leading financial advisers and brokers of insurance and financial services.
The Stockholm-headquartered group, which employs 4,400 people, has been highly active in the UK market over the past 18 months, having received €200m (£171.6m) from minority owner, US-based global investment firm KKR.
Last year bought stakes in five UK businesses, including London-based wealth manager Vintage and Croydon-based PK Financial.
Söderberg & Partners chief executive officer Gustaf Rentzhog described Fidelius as a business with significant upside potential.
“With a strong brand and an exceptionally experienced management team, I have no doubt that this already successful and growth-oriented business will go from strength to strength,” he added.
