Liverpool wealth manager snapped up in swoop by Verso
Liverpool-based Pavis Financial Management has been acquired, for an undisclosed sum, Verso Wealth Management.
Verso is a digitally-driven wealth management group located in Steyning, West Sussex, which recently completed a strategic partnership with Cairngorm Capital, and said the acquisition advances Verso’s ambitions to build a market leading, national digital wealth management group.
Established in 1992, Pavis is a chartered financial planning firm, serving private clients across the UK. Pavis offers a range of advisory and investment services, including holistic financial planning, investment management, pensions advice, retirement planning and estate planning.
One of an elite group of financial planners nationally to have both accreditation by the Chartered Institute for Securities & Investment and chartered status by the Chartered Insurance Institute, Pavis advises on assets of £280m, as at quarter three 2021.
The addition of Pavis to the Verso group adds scale to Verso’s network and creates a hub in the North West as Verso builds its national footprint.
Chairperson and co-founder, Bob Newton, will remain in the business on a part-time basis and Quentin McCormick, Pavis’s managing director, will continue to lead Pavis, working with Verso’s executive team to expand Verso’s presence in the North West.
Julie Calvert, Steve Robertshaw and Carly Dunningham continue as directors at the firm.
Verso will also benefit from the strategic guidance and support of Graham Coxell, who joins as non-executive chairman. Following an impressive career growing wealth managers, financial services software firms and other digital businesses, Graham brings a proven track record of successfully scaling and transforming innovative businesses.
More recently, he led the turnaround and transformational growth of Rowan Dartington Wealth Management through to exit. Previously he led a number of fintech high growth companies to successful exits, such as Prophitshare and JCA Global to trade sales and Marlborough Stirling to a successful IPO.
Andrew Fay, Verso’s chief executive, said: “It is an exciting period for Verso as we work to implement our plans. We have a pipeline of planned investments within the investment management and financial planning space scheduled for this year and an ambitious service delivery timetable so 2022 is on track to be transformational for us. I look forward to working with Graham to deliver on our strategy.”
Quentin McCormick said: “We will be able to relinquish our day-to-day regulatory and operational hurdles and focus on what we do best – providing our clients with the very best advice available. Our client-centric business model, with its focus on true financial planning and exceptional value for money, is attractive both to customers and advisers alike.
“We are already beginning to see further recruitment and acquisition opportunities and view our partnership with Verso as a key part of our growth strategy.”
