Ravenscroft, the wealth firm part-owned and chaired by Stephen Lansdown (pictured), has established a joint venture that will see it open an office in Monaco.
The company, which oversees £6.5 billion, has partnered with Tavira, a specialist execution-only commodities, equities and derivatives broker, with the joint venture named Tavira Ravenscroft.
Ravenscroft’s head of trading and market making, Dale Acton, has moved to Monaco to head the new business. He will be joined by his partner Debbie Wilson, who has worked for Ravenscroft’s investment management team since 2008.
Mark Bousfield, Ravenscroft’s managing director, said: ‘This is incredibly exciting news for Ravenscroft. A core part of the company’s long term growth strategy is to offer our range of services in jurisdictions which share similar characteristics to the Channel Islands where we are very proud to have our headquarters.
‘That growth will come organically, through acquisitions and through finding like-minded partners as we have with Tavira. Over the last decade, we have been building Ravenscroft, expanding our services and adding the right calibre of staff across all parts of the business to allow us to export the model, which has delivered the success we have enjoyed to date, to other jurisdictions.’
He added: ‘Tavira Ravenscroft will offer our key services such as execution only trading, advisory investment and discretionary investment management to Monaco’s residents.’
Tavira founder and CEO Eliot Goodfellow stated: ‘We recognised there was a need for a different investment approach for Monaco residents and so we are delighted that we have found a partner in Ravenscroft which will allow us to expand our offering to not only our existing clients, but prospective ones as well.’
Acton added: ‘This is an exciting opportunity with enormous potential and I am confident that Tavira Ravenscroft will be welcomed by those living in the principality.’
Last year, Ravenscroft acquired specialist precious metals broker BullionRock for an undisclosed sum as management looked to broaden the range of services the company offers.