The Thistle Initiatives Group, a UK-based financial services compliance firm, has acquired Judicial Assess Management for an undisclosed amount to expand into the investment management sector.
The acquisition will allow Thistle to expand its selected representative services to firms wishing to add discretionary investment management due to lack of capital to start up or the related experience, according to FT Adviser.
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James Dingwall, CEO of Thistle Initiatives Group, said: The group has targeted £30 million to £50 million of assets under management and has invested heavily in infrastructure and resource in the first year.
"This will make Thistle one of only a few compliance consultancy firms to offer this service.
"We have identified a niche opportunity in the market as firms who want to offer investment management services to its clients are unable to obtain authorisation by the FCA as quite often the applicant firms do not have anyone to assess them as competent.
"Our offering will allow firms to sit under an umbrella and go through a full training and competence programme and then obtain direct authorisation once assessed as competent and continue with our supervision once directly authorised," he added.
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