Wed, 26 Jan 2011 | MBO/MBI
John Baxter, the former True Financial Planning and MLP Private Finance boss, has lead a management buy-out of Manchester-based Veracity Asset Transformation Service from Australian bank Macquarie Group.
It has been confirmed that the deal was recently completed by Baxter and Tim Crew, head of operations, for an undisclosed sum.
Veracity was founded in the autumn of 2009 by Macquarie, to offer a business transformation service for adviser businesses to transfer from a commission-charging structure to fees - the new model.
The service, headed by Mr Baxter, helps advisers to change their client proposition, examine legacy assets and to tackle the paperwork that is involved in the transitioning of a business.
Of the deal Baxter said, “We have a compelling proposition, delivered by a highly motivated and experienced team at a very relevant time for the IFA sector.
“The completion of this buy-out enables Veracity to continue to help businesses with their transformation journey, enabling them to be RDR ready and prepared for the new challenges ahead in the adviser market post 2012.”
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