The acquisition of Cyprus-based adviser Felicitas, announced on Tuesday, was the culmination of a seven-month process, Woodbrook chief executive Michael Doherty told International Adviser.
Felicitas will add £150m ($198m, €170m) in assets under management, with both firms having Mifid and insurance licences.
The short-term plan for Felicitas is to rapidly build up the number of advisers in its Kenya and South Africa offices.
Next up is to add adviser headcount to Cyprus-headquartered Woodbrook’s existing office network in Warsaw, Budapest, Bucharest, Moscow, Bratislava, Marbella, Geneva and Ho Chi Minh City.
Dubai and South America
The expansion strategy Woodbrook has adopted is to make inorganic entries into markets because it will deliver a firm with assets under management, advisers, established relationships and licences.
Following on from Felicitas, Doherty is already looking at two firms in the UAE but he expects only one will reach fruition, although he admits he would take both if they met the criteria.
The purchase in South America is more developed and in the latter stages of completing.
Model Portfolios
Behind the scenes, Doherty told IA the company is moving all clients onto its model portfolio service, which has three risk baskets.
“We are a brokerage not investment manager,” Doherty said. “This is our focus, putting the client at the heart of everything we do. It will take 24 months to get everyone onto the model portfolios.
“We believe this will enable us to deliver an even better investment proposition and service to our enlarged client base.”
