David Kneeshaw Archives | International Adviser https://international-adviser.com/tag/david-kneeshaw/ The leading website for IFAs who distribute international fund, life & banking products to high net worth individuals Mon, 23 Jan 2023 12:10:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://international-adviser.com/wp-content/uploads/2022/11/ia-favicon-96x96.png David Kneeshaw Archives | International Adviser https://international-adviser.com/tag/david-kneeshaw/ 32 32 Global PE firm completes majority investment in IFGL https://international-adviser.com/global-pe-firm-completes-majority-investment-in-ifgl/ Mon, 23 Jan 2023 10:47:19 +0000 https://international-adviser.com/?p=42679 International private equity firm Cinven has become International Financial Group Limited’s (IFGL) majority investor after receiving regulatory approval.

The deal, which was announced last year, sees the PE firm succeed Vitruvian Partners as IFGL’s majority backer.

Isle of Man-headquartered IFGL owns the RL360, Friends Provident International and Ardan International brands.

David Kneeshaw, IFGL group chief executive, said: “Completing this deal means that IFGL is now ready to accelerate our ambitious plans for growth.

“Cinven have significant expertise in the financial services sector and share our vision for the future. Their financial backing means we are ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity.”

In August 2022, IFGL agreed to acquire the international Sipp and Ssas administration Sovereign Pension Services (SPS).

Cinven has its own M&A plans as it recently raised €1.5bn (£1.32bn, €1.71bn) for life and wealth expansion.

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UAE investors won’t sacrifice savings to reduce spending https://international-adviser.com/uae-investors-wont-sacrifice-savings-to-reduce-spending/ Wed, 12 Oct 2022 10:10:19 +0000 https://international-adviser.com/?p=41954 Consumers in the UAE plan to adjust their lifestyle by reducing their household and miscellaneous expenses over the next three months, according to research by global life assurance company Friends Provident International (FPI).

The survey conducted on 880 respondents in the UAE by consultancy firm Insight Discovery found 26% rank clothes as the top area to cut back their spending on, while 15% consider petrol expenses as the first item to trim their expenses.

A further 9% of residents believe weekend activities, dining out and luxury products as the top three areas each to make cutbacks in the next three months.

The survey also shows that inflation is biting into budgets across all households, whether it is single individuals, married couples with no children, or families. One-in-three single individuals (29%), and one-in-four married couples without children as well as households with families plan to cut down on clothes expenditure the most, followed by petrol.

Some 99% of consumers are in favour of keeping their expenses on mobile/ broadband/ TV and subscriptions, beauty/ grooming products, gym membership, home furniture, and home electronics broadly unchanged, with only 1% of them ranking each of them as the top areas for cutbacks.

However, despite a severe squeeze on their finances due to higher prices, 97% of UAE investors still remain committed to saving for their future, with only 3% of them rank contributions to their savings plans as the top priority area to reduce spending.

‘Silver lining’

David Kneeshaw, group chief executive of FPI owner IFGL, said: “This survey demonstrates that the cost-of-living crisis is beginning to impact the finances of people living in the UAE.

“However, the silver lining is that while consumers are controlling their spending and re-adjusting priorities, the majority of them still remain committed to saving for their future. The survey also offers an opportunity for businesses across the UAE to get a sense of the challenges that residents face in a period characterised by high inflation.”

Stuart Shilcock, head of sales at FPI, added: “Every observation of the survey is offering fascinating insights into what matters to UAE residents right now. Faced with inflationary pressures, consumers are themselves having to tighten the purse strings.

“Having said that, the competition for share of wallet in the rest of 2022 is also getting intense in the UAE. It’s, therefore, crucial for financial advisers to ensure the productivity, value and efficiency of their products and services to align with changing consumer preferences. That’s the challenging aspect of the circumstances we are in.”

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Regulation to force ‘wave of M&A activity’ in Middle East wealth market https://international-adviser.com/regulation-to-force-wave-of-ma-activity-in-middle-east-wealth-market/ Wed, 21 Sep 2022 09:58:43 +0000 https://international-adviser.com/?p=41783 Acquisitions and internal investments have been the drivers for business expansion in the financial advice space in the Middle East over the past year, research by Insight Discovery found.

The 12th edition of the Middle East Investment Panorama report shows insights from chief executives of leading advice firms in the region all of whom have taken steps to counter volatile markets, more demanding clients and the regulatory burden.

Specifically, more than half (57%) believe that the changes to regulatory requirements will boost M&A activity in the region, which may lead to a less crowded sector. By contrast, just a quarter of respondents do not foresee a spike in acquisitions, with the remainder unsure of whether acquisitions will be sparked by regulation.

David Kneeshaw, chief executive of IFGL, said: “This may well be because these respondents see that the introduction of BOD49 and other regulatory changes will bring around a wave of M&A activity and that their firms will be among the winners.”

What clients want

The senior managers also highlighted that clients are changing, along with their demands and ways they wish to interact with financial advisers.

The report found the top five shifts include:

  • Clients being more knowledgeable of their finances and investments;
  • Higher expectations on disclosure and transparency;
  • Greater focus on more product options;
  • Increased preference for online and mobile access; and
  • Seeking more value from the services they receive.

As a result, 88% of respondents expect greater focus and investment on technology and data analysis tools to improve their offerings to clients.

In terms of value and transparency, advisers are increasingly relying on outsourcing to manage their clients’ money.

The vast majority (71%) regularly recommends discretionary fund management (DFM) services to their customers, with an additional 6% currently considering it.

Insight Discovery’s report says it has become widely accepted that financial advisers may not be the best placed to make and execute investment decisions on behalf of their clients, leading to a rise in outsourcing DFM capabilities to wealth or asset managers in the region.

When selecting a provider, however, the most important factor for advisers seems to be the ability to smooth returns in a volatile environment (46%), followed by their charging structure and research capabilities (both 17%).

Nigel Sillitoe, chief executive and founder of Insight Discovery, said: “Over the years, the advisory market of the Gulf Cooperation Council (GCC) region has grown to the extent that it represents a significant opportunity for asset management companies, wealth managers, international life insurance companies and other groups. This year’s research further reinforces this.”

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IFGL to buy Sovereign Pension Services in ‘strategic acquisition’ https://international-adviser.com/ifgl-to-buy-sovereign-pension-services-in-strategic-acquisition/ Mon, 22 Aug 2022 09:30:36 +0000 https://international-adviser.com/?p=41602 International Financial Group Ltd (IFGL) is set to acquire the international Sipp and Ssas administration business of Sovereign Group, subject to regulatory approvals.

Sovereign Pension Services (SPS) is based in Bromborough, Wirral. Established in 2003 as MW Pensions, it was acquired by Sovereign Group in 2016 and rebranded.

Financial details were not disclosed.

The announcement comes six months after it was revealed that private equity firm Cinven was to success Vitruvian Partners as the majority investor in IFGL. At the time, IFGL chief executive David Kneeshaw (pictured) said the change would “accelerate the group’s ambitious plans for growth”.

Kneeshaw said SPS “is a strategic acquisition which will allow IFGL to provide a wider range of services and value to customers and advisers”.

“There’s a gap in the market for a service-led and cost effective Sipp proposition, and we were attracted to SPS specifically because of their strong reputation among advisers.”

Sovereign Group chief executive Gerry Kelly described Sipps as “an integral part of the success of Sovereign’s pension offering”.

“On meeting with IFGL, it became clear that it was the right partner to develop this segment further, allowing Sovereign to focus on building the corporate and trust side of its business in the UK.

“This acquisition also provides new opportunities for our [45-strong] dedicated workforce in the Wirral, who are very much looking forward to being part of the IFGL family.”

See also: INTERVIEW: RL360 chief executive on FPI acquisition

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RL360 parent restructures management team https://international-adviser.com/rl360-parent-restructures-management-team/ Wed, 17 Feb 2021 14:00:43 +0000 https://international-adviser.com/?p=37295 International Financial Group Limited (IFGL) has made some changes to its management structure, seven months after it completed the acquisition of Friends Provident International.

With effect from 1 January 2021, Mike Crellin became managing director of IFGL’s insurance division; which includes FPI, RL360 and RL360 Services.

It does not include Ardan International, which remains under the leadership of Sarah Dunnage.

Crellin was previously finance and commercial director at IFGL.

Mike Crellin

He has assumed overall day-to-day responsibility for the operations of the insurance division and oversight of the key corporate projects.

He continues to report into David Kneeshaw, who has taken on the role of group chief executive of IFGL.

Kneeshaw remains chairman of the executive committee and will retain overall responsibility for group strategy and market-facing activities.

Further, Alistair Brogden has been appointed IFGL’s finance director, with Donald Macleod taking on Brogden’s former role as RL360 appointed actuary.

Beefing up the team

Speaking to International Adviser, Kneeshaw confirmed that the changes are aimed at strengthening the depth and breadth of the management team and not a precursor to him stepping back from the business.

“This has been in the ether for quite some time. If you go back to when we were a smaller business, just after the clerical medical acquisition, there was a slight concern among the non-execs that, while we had a strong management team, we were a bit thin on the ground.

“So, the first thing we did was beef up the management team in areas where we needed to be stronger. We brought in Sue-Ann Ind as our group risk director and Simon Barwell on the marketing and product development proposition.”

While the appointments broadened the team, there was also a question of depth.

“We realised that we have only one senior person with general management experience, and that was me. There was only one senior finance person, and that was Mike Crellin, and one actuary who was Alistair Brogden.

“The questions became: what happens if one of us gets hit by a bus? Who is our replacement? Who takes over the running of that function the next day?”

Kneeshaw said these planned changes were “brought to a head” by the pandemic, as he has been unable to travel to the Isle of Man from his home in England for almost an entire year.

“We’re an Isle of Man business. While nobody had anticipated covid, it brought home the risk of me not being able to go to the island. These changes give up more resilience and run parallel to the building up of expertise in the business.”

Crellin is based on the Isle of Man.

“I’m still running the overall business, but I’m less involved in the day-to-day operational matters. It’s all about making sure that the island hub is humming, because it is our base.”

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