Bestinvest

Bestinvest Limited
Limited
Industry Financial services
Founded 1986 (1986)
Headquarters Chesterfield Gardens, London, UK
Area served
 United Kingdom
Key people
 Chris Woodhouse (CEO),
Lee Dooley (CCO),
Donald Reid (COO),
Permira
Products ISA, SIPP, Annuities, Income Drawdown
Parent The Tilney Group
Website www.bestinvest.co.uk

Bestinvest is an investment company based in Mayfair, London. It provides execution-only investment services predominantly to private investors, as well as financial planning, investment management and investment advisory services as part of the Tilney Group. The company serves 70,000 clients through its website, telephone-based investment advisers and face-to-face meetings. Clients' investments are generally in funds - unit trusts, OEICs and investment trusts - or bespoke discretionary funds.

History

The company was founded in 1986 by John Spiers[1] . Bestinvest began as a specialist firm focused on researching and broking tax-efficient investments including Business Expansion Schemes (BES), from which the firm took its original name (BESt Investment). Following the abolition of BES, the company re-focused on the Personal Equity Plan market, attracting new clients predominantly through its high media profile in the national press, including the launch of its high-profile Spot the Dog report which named consistently poor investment funds. The company also earned a reputation as a smaller company specialist when it won the mandate to be the Investment Adviser for the AIM Distribution Trust VCT. From the mid-1990s it grew into a broader based private client investment advisory business, pioneering discount broking on unit trusts and OEICs, promoting the use of online fund supermarkets and establishing a discretionary investment management arm. In July 2007 it was bought by management and 3i.[2] The company acquired HW Financial Services, the financial services arm of Haines Watts the accountancy group, in January 2010.[3]

In November 2013 Bestinvest received the backing of private equity firm Permira.[4]

In February 2014 Permira agreed to buy the investment manager Tilney from Deutsche Bank with the ambition of creating a wealth manager with 9 billion of assets. After completion of the deal in May 2014 Bestinvest and Tilney combined to create Tilney Bestinvest.[5] Bestinvest remained as a separate brand focusing on execution-only investing whilst Tilney was introduced as a brand focusing on Investment Management and Financial Planning.

In 2016, on the 180th anniversary of Tilney’s formation and the 20th anniversary of Bestinvest’s existence, Tilney Bestinvest acquired Ingenious Asset Management, a London-based discretionary investment manager, taking the enlarged group to £11.2 billion of assets.[6]

In August 2016, Tilney Bestinvest acquired the financial planning firm Towry for £600 million taking the combined business to over £20 billion of assets.[7] The new company rebranded as the Tilney Group in February 2017.

Operations

The company provides execution-only investment services to self-directed investors. It also offers investment advice, discretionary investment management and financial planning services to individuals and companies, charities and other financial institutions through it wider Tilney Group. Available products include Individual Savings Accounts (ISA), Unit Trusts, Self-invested personal pensions (SIPP) and Venture Capital Trusts (VCT).[8]

References

  1. ↑ John Spiers returns to Bestinvest - The Times
  2. ↑ 3i back Bestinvest - 3i Press Release Archived August 26, 2009, at the Wayback Machine.
  3. ↑ HW Financial Services links with Bestinvest
  4. ↑ Permira acquire Bestinvest from 3i
  5. ↑ Tilney to merge with Bestinvest
  6. ↑ Tilney Bestinvest to acquire Ingenious Asset Management
  7. ↑ Tilney Bestinvest completes Towry acquisition
  8. ↑ O'Neill, Moira (20 January 2011). "Hit the January VCT sales". Investors Chronicle. Retrieved 25 August 2011.
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