The privately held Dolfin, with £1.1bn ($1.5bn €1.3bn) in assets under management, has acquired a “significant equity stake” in Alexander House, an Intrinsic network IFA.
Under the deal, Dolfin said it will support Alexander House by providing investment capital to enhance the firm’s business development efforts – notably its marketing, client acquisition, ongoing innovation and technological enhancements.
Alexander House and its client base are also set to benefit from Dolfin’s asset management capability and experience in both the international and institutional markets.
The partnership reflects Dolfin’s “broader strategic focus of enabling professional financial advisers to enhance their client propositions through the use of market-leading infrastructure and services.”
Dolfin also provides asset management for offshore wealth, high net worth, ultra-high net worth individuals and family offices.
Denis Nagy, chief executive at Dolfin said: “Alexander House is one of the UK’s top financial advisers, and its talented team, under Nick Kelly’s entrepreneurial leadership, offers a diverse range of services and transparent fee structure. It is a highly respected business and we are excited about this mutually beneficial strategic partnership.”
Prior to Dolfin, Nagy founded WhiteGold Fund Management, which he sold to a Swiss bank Compagnie Bancaire Helvetique. He has also held roles at Sberbank and Calyon, part of Credit Agricole, where he worked in natural resources.
Kelly, founder and chief executive of Intrinsic member Alexander House, added: “Dolfin’s technology-driven approach will allow us to expand our offering and deliver an enhanced service to our clients. Dolfin is a true strategic partner and we intend to explore closer collaboration as our relationship develops.”
Last month, Alexander House appointed Steve Braidford to its board as managing director. Braidford was a founding managing director of Sandringham Financial Partners.
In April Dolfin received a custody and depository licence in Malta for aimed at serving collective investment schemes and trusts.
Ramon Bondin, who has been named chief executive of Dolfin’s Maltese operations, said: “Malta has a growing financial ecosystem, particularly in the fund space. However, many asset managers wanting to set up here have been under served in custody and depository services. The award of our licence will change that.
“Now we will be able to offer our client base in Malta the level of service and exposure that they would expect when setting up business in London. At the same time, this will allow clients to benefit from the island’s robust regulatory environment, lower cost base, access to a growing financial ecosystem and a highly educated, English-speaking workforce.”
Prior to joining Dolfin as a project manager in 2017, Bondin was head of depository services for Alter Domus in Malta.