The former managing director of Barclays Private Clients International and the ex-senior financial consultant of IFA firm Edgewater Associates have joined forces to set up an Isle of Man-based advice company.
Rob O’Connor and Chris Connor have launched Chancery Advisors, which has received a Class 2 investment business licence from the Isle of Man Financial Services Authority (IoMFSA).
The firm will offer wealth management, personal investments, retirement planning, protection, corporate investments, business protection and employee benefits services.
It will cater to all individuals – including high net worth and corporate clients. As well as offering services on the Isle of Man, it is also looking to serve UK expats globally.
Co-founder O’Connor has worked within the advice sector for over 22 years, spending time at Lloyds Banking Group and Kleinwort Benson – now Kleinwort Hambros. O’Connor was most recently a senior financial consultant at Isle of Man-based IFA firm Edgewater Associates.
Connor was formerly managing director of Barclays Private Clients International and chief operating officer of Barclays Wealth Banking Operations.
Offering
Connor told International Adviser: “We’re independent financial advisers. We don’t manufacture or distribute products, our passion is giving advice. We think we can do that very effectively through the network of existing, and hopefully future, contacts that we have.
“I don’t believe that there is another Isle of Man-based IFA that has the scope and reach that we seek to offer. We’re breaking new ground as far as the island is concerned.”
The firm is part of the Nayyar Group of Companies, which owns a range of businesses across the globe including investment management firm Facet and DFM Creechurch Capital.
Connor added: “We are based on the Isle of Man and supporting our local clients is a priority, but we’ve got a reach well beyond the shores of the island established by our parent company.
“It has a discretionary fund manager on the island and has various other financial services businesses in the UK and elsewhere.”
He said that Chancery Advisors will be independent from the group but will look to work with the affiliated companies.
“The relationship is completely separate,” he said. “Whilst we form part of the same structure from the holding company, we will look at Creechurch as a potential participant of our whitelist. By being on that whitelist, firms must be there on their own merit.
“We are not co-located and don’t have shared services. There’s very strong lines of demarcation between the entities.”
UK expats
Catering to the needs of UK expats globally is a big challenge, but Connor said the firm will not serve clients from “any jurisdictions with potential compliance issues”.
“We can only take referrals from clients elsewhere in the world, and if they are proactive referrals, we can look at them on a case-by-case basis as to whether or not we can provide that advice,” he added.
“At the moment, we don’t have solid plans for establishing any other representative offices elsewhere, but it certainly would be something that we would consider, especially in locations such as Dubai, where we know there are opportunities and clients that might benefit from the services we offer.
“We are looking at other geographies, but it always has to be within the scope of our licences. If we choose to go beyond that, we will go back to the regulator to get authorisation or get licences in those jurisdictions.”
M&A plans
Even though Chancery Advisors has only just opened for business, it has M&A ambitions.
Connor said: “In any location, you have smaller businesses that are looking for an exit strategy. Also, you will have businesses that haven’t weathered the pandemic and are more receptive to a deal now.
“It would certainly be part of our strategy to look at acquisitions. We will only investigate and pursue opportunities if we think that they fit from a cultural and a financial point of view.”
Connor believes that there is “real growth opportunity available” for the company over the next few years.
