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Enhance Group Announce New Chief Operating Officer

Enhance Group Limited (Enhance) are delighted to announce that Justin Simpson has been promoted to Chief Operating Officer.

In his new role, Justin is responsible for the on-going operations of Enhance Group, overseeing systems, product development and project implementation, and remains a director of Enhance Wealth Consultancy and chairman of the Investment Committee.

Justin has been with the company for over 8 years and holds the prestigious Level 7 Masters in Wealth Management from the Chartered Institute of Securities and Investments as well as the Investment Management Certificate.

Justin Simpson, new COO of Enhance Group, commented:

“I am really pleased to be taking on this new role as COO of Enhance Group. To have been a part of the growth and expansion of the company over the years has been a pleasure and I look forward to starting the next chapter of my career at Enhance Group”.

Tom Wiseman, Enhance Group CEO, commented:

“We are delighted that Justin has stepped up to this new role and that we have been able to promote from within the company. Justin has been an integral part of the team for many years, contributing greatly to the company’s global success. His skills, knowledge and experience are the perfect fit to take on this position and will strengthen our offering as we move forward and continue to grow”.

 

Enhance Group Announce New CEO and Executive Chairman

Enhance Group Limited (Enhance) has today announced that Tom Wiseman, currently the Managing Director of the London business, will become group CEO from the 1st October. Existing CEO James Painter will now take on the role of Executive Chairman.

Tom, who is a Chartered Member of the Chartered Institute for Securities & Investment (CISI) and has been successfully leading the London business for some time, will relocate to Jersey to take on this new role. James, who was one of the original founders of the business in 2005, will now focus on strategic direction at board level, as well as supporting the company’s global business development.

James Painter, former CEO and new Executive Chairman of Enhance Group added:

“Since the business was first created, we have averaged strong growth of 27% annually through delivering great products and a first rate service to clients internationally. Now that our experts who were sent out to establish the Company in Cayman, Geneva and Singapore have achieved their objectives, and the majority of the work is being facilitated from Jersey and London it was the appropriate time to increase our governance and management structure in our head office. In this regard I am delighted to be able to promote and recognise talent from within our team, which is why we are very lucky to have someone of Tom’s caliber ready to head up the business. I am confident with Tom’s leadership and fresh approach that the business will continue to grow and go onto even greater success and I look forward to supporting him in his new role.”

Tom Wiseman, new CEO of Enhance Group, commented:

“I am delighted to accept this new role as the CEO of Enhance. Over the last few years the company has gone from strength to strength and expanded into several new markets. My time heading up the London business has given me valuable insights into the evolving needs of our global clients and how we can provide the new products and services that they need. Jersey is a fantastic, high quality jurisdiction to base this business from, and I am also very excited to have the opportunity somewhere so beautiful.”

 

Enhance Group – Performance Analyst for Portfolio Adviser Wealth Manager Awards 2018

Entries are now open for the Portfolio Adviser Wealth Manager Awards 2018 and Enhance Group are delighted to be the provider of performance analysis for the 6th year running.

Wealth Managers, both boutique and large, who provide investment selection and asset allocation for their clients will have the opportunity to be recognised for brilliance in their field. Entrants will be judged on the results they have achieved based on both qualitative and quantitative data with the hope of being awarded a gold or platinum award for the following categories:

  • Cautious
  • Balanced
  • Aggressive
  • Absolute Return

Wealth Managers can also enter the Media Marketing Award for the company which has shown a level of excellence in their online brand awareness as well as their use of social media.

The independent judging panel is made up of a number of representatives from top organisations in the fields of law, finance, accountancy, consultancy and trust who have experience of working with Wealth Managers themselves.

Paul Tanguy, Investment Analyst at Enhance Group commented:

“Being involved in the Portfolio Adviser Wealth Manager Awards for the last 6 years, we have seen the number of entrants more than double, which not only demonstrates the prestige of these awards within the industry but also reinforces their credibility. Each year we have been able to refine and streamline the analysis process in order to ensure that the judges have fair and robust information to work with when judging such a competitive marketplace.  We’re proud to be supporting the awards again and wish all of the entrants this year the very best of luck.”

The Deadline for entries is Friday 15th September. For more details on how to enter please click here http://bit.ly/2gqOhwx

 

You pay peanuts…

Author: Tom Wiseman, Managing Director, Enhance London

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In my world, offering good value for money is achieved through the provision of sound advice, exacting service and delivering positive long-term investment outcomes for clients net of all fees charged. It isn’t rocket science and I’ve always found that clients are prepared to pay fairly for personalised, professional advice.

However, I have reviewed a number of potential client engagements recently and had to dismiss them out of hand when their fee expectations came to light. The fees proposed barely covered the overheads of running such accounts, let alone the associated advice liability or allowing for a small profit.

Fee pressure is firmly downwards in the investment industry and investment consultancy is no exception. Advancements in technology and an increase in the number of market participants are partly to blame, but I can’t help but feel that consultants have inadvertently contributed to this skinny fee environment.

I have already waxed lyrical in this blog about some of the shortcomings of Investment Consultants, particularly the provision of a posh reporting service dressed up as consultancy, which enables firms to charge handsomely for their reporting whilst avoiding the costs implicit in providing well researched and qualified on-going advice.

I believe that this has created a distorted perception in the market of what proper consultancy is and the fees it should command. For this reason I have decided to publish Enhance’s fee tariff quoting both an hourly rate for project work and a tiered percentage fee subject to a minimum annual charge.

This tariff has been constructed on the basis that my team will adhere to the highest professional standards, employ the best research and reporting tools available on the market and with an acceptance that we can look after no more than 30-40 retained clients, perhaps significantly less.

Larger consultancy firms may benefit from economies of scale to a certain extent, but there has to be a profitable and sustainable baseline and we are prepared to publish ours in the hope others in the industry are equally sensible and embrace such transparency. After all, providing value for money and being cheap are two very different things.

For more information please see www.enhancegroup.co.uk/fees

Enhance Expands its Jurisdictional Footprint with Geneva Office Opening

James-Painter

Enhance Group Limited has today announced the launch of a new operation in Geneva.

The new Enhance Geneva office will provide a full service offering to current and prospective clients seeking investment oversight, investment consultancy, investment reporting, wealth consultancy and treasury services.

The announcement follows a period of substantial growth for Enhance, with new offices opened in London, the Cayman Islands and Singapore over the last 2 years. The company also announced this month the launch of its new Enhance Investment Consultancy offering in London.

CEO of Enhance, James Painter, will be heading up the new operation in Geneva. He commented:

“We see Geneva as an increasingly important operational base with a concentration of world class financial service providers. We are pleased to expand our jurisdictional footprint with an expansion into the Swiss market.”

6 New Jurisdictions in 18 Months: Opening up the FX Markets with Enhancefx

Author: Kevin Moore, Head of Treasury, Enhance Jersey

kmoore

With fintech continuing to shape the global financial landscape, firms and individuals alike have a whole new range of tools at their disposal to get better results at lower prices. Technology has opened up incredibly powerful services to smaller businesses, and we are seeing more and more wealth managers turning to fintech firms to help them carry out their fiduciary responsibilities in a way that’s more transparent and cost-effective for their clients.

Having worked in the trust and fiduciary industry for over ten years, Enhance saw the challenges companies working in the fiduciary sector were facing and the benefits that could be gained through the use of platform technology. An area where we are clearly seeing the positives of fintech’s role to supplement and complement financial services is where professional trustees undertake foreign exchange transactions. Here technology has brought transparency to what was previously quite an unclear market, driving down prices for clients in the process.

Before the advent of fintech a market intermediary requiring FX, such as a trustee, would turn to the bank holding the account of the entity they were administering to get a quote and execute the trade. While the trustee might have shopped around to see if they could get preferential terms elsewhere, they still didn’t have access to the data which would let them assess the reasonableness of any of those rates in the first place.

This led Enhance to partner with a leading fintech company in 2014 to form a new, first-of-its-kind service platform in Jersey, Enhancefx. Whilst transparency and competitive exchange rates were available from a number of platforms we wanted to look beyond these issues and create a platform that addressed the other common challenges, including a lack of flexibility and management tools, the costs of additional setups, the lack of a central point of contact and communications to track the status of payments, alongside restrictive reporting capabilities and the lack of an offshore banking facility.

For anybody managing wealth in a fiduciary capacity, transparency for clients and having a trusted adviser whose expertise you can rely on are central. By providing an holistic, integrated FX platform Enhancefx now provides trustees with complete management control over currency and multiple payments, reducing the time and cost of making transfers, alongside a clear audit trail, and a single point of contact should they have any questions.

By addressing foreign exchange transparency and providing control over the payment flow Enhancefx has addressed significant issues for the fiduciary sector. This has clearly tapped on a nerve which has reverberated globally, with the platform opening up across 6 new jurisdictions since its foundation 18 months ago.

Spotting such openings in the market and finding ways to automate processes and maximise the use of data is at the heart of successful fintech solutions. These developments are radically shifting the profitability of the market in favour of clients, presenting challenges and opportunities alike for the whole financial sector.

STEP and Enhance’s Partnership for the Annual Private Client Awards

Author: Barry Hardisty, Managing Director, Enhance Jersey 

Barry Hardisty

Enhance has been involved with STEP’s annual Private Client Awards for 6 years now, providing the judges with data analysis to give a clear picture of what firms submitting applications for ‘Investment Team of the Year’ have achieved over the last 12 months.

Using proprietary fintech software, the analysis reviews investment performance and risk over various time periods to confirm that investors have received good results.

To enable this data driven approach, if your firm is submitting applications for the Investment Team of the Year Award, you are asked to provide judges with:

  • your main or flagship strategy
  • a definition of your investment strategy and the appropriate benchmark
  • a sample portfolio valuation that reflects the relevant strategy
  • 36 months’ worth of performance data
  • asset and currency allocation for each of the last 4 quarter-ends for a representative portfolio which aligns to the relevant strategy

To complete the performance and risk part of the application, you will also need to explain any successful asset allocation changes or recommendations made for clients over the last year and the effect this has had on performance.

We then use your data (with strict confidentiality!) to provide the judges with clear analysis. Importantly, our software not only crunches the numbers, it presents the results in a meaningful way. We pull out visuals as part of a detailed report using “heat maps”, allowing for easy comparison and ensuring managers’ performances are presented on a common platform so the judges are truly comparing like-for-like.

Screen Shot 2016-04-22 at 14.41.43

 

The data we provide enables the STEP judges to interpret performance and risk more clearly, and ensures their decision-making process is robust – but it’s important to highlight that our data presentation works alongside the judges’ expertise, not as a replacement.

For all of us working in an advisory capacity, technology plays an important role in making processes clearer, and automatic where possible, and in transforming data into something dynamic that can inform and refine strategies. By harnessing powerful software, we are providing a better service to clients, always aware however that building up trusted partnerships is indispensable in our line of work. The judging process of the STEP Private Client Awards reflects the importance of this synergy.

We wish everyone the best of luck with their submissions.

 

Moving Beyond Liquidity: Securing the Future of Jersey Pension Funds

Author: James Painter, CEO 

James-Painter

There is an acute need to reconsider the desirability of liquid assets as an investment option to secure the long-term future of pension funds. Whilst the risk-averse instinct to latch onto liquidity as a pension fund manager is understandable on the surface, when you dig deeper it can result in myopic decision-making which jeopardises the fund’s long-term sustainability.

While a degree of liquidity is required to ensure that short-term liabilities can be met, over-insistence on liquidity can result in a reduced opportunity set of investments. This means lower investment returns and ultimately a greater burden for the sponsor, which is a drain on public finances in the case of public pensions.

The long-dated liability structure of a pension fund gives managers the time to invest in a variety of high-yield assets, with infrastructure and renewable energy sources being prime examples. Through allowing investment in these less liquid, but also more lucrative, investments, Investment Managers will not have to pay the liquidity premium and also enjoy the benefits of a far less volatile portfolio through the added asset class diversification.

Therefore pension fund trustees may need to ask themselves the question: do I need to access the majority of my investments in cash when there is a crisis? If they don’t, there may be an opportunity for them to give their investment managers the freedom to partially move away from liquid investments in favour of alternative opportunities that offer the potential of a greater long-term investment return.

Such a method of improving investment returns may well be necessary if we are to redress the deficit in the public pension fund, which will require either an injection of funds from the government and, by extension, the taxpayer, or a fundamental shift in approach so we can drive a higher investment return. The second option is a much more attractive one and a far more sustainable one.

However, one of the biggest challenges for pension fund trustees in re-evaluating liquidity is not the ability to understand the issue but how to implement such a philosophy within their existing investment strategy. Where funds are run by ‘advisory’ consultants this may be problematic, as the bulk of the assets will be held in traditional asset class funds which offer little more than a proxy for the general market. However where trustees have embraced the concept of fiduciary management and use active discretionary managers, reducing their liquidity requirement could prove an astute move.

When considering the Channel Islands pension funds, such a move would also prove highly beneficial for the islands’ economies as we have a high number of quality active discretionary managers working here who already have the investment solutions to restructure liquidity profiles and boost the long term investment return.

Enhance Group Announce New NED Appointment

Lyndon-Trott

Enhance Group Limited is delighted to welcome Chairman of Guernsey Finance, Lyndon Trott, to the company as Non-Executive Director.

Lyndon has vast knowledge and experience of finance, having worked in the industry for over 30 years. He has been a Guernsey Finance board member since 2013 and assumed the role of Chairman in December 2015, he was also Guernsey’s first ever Treasury Minister and progressed to become the Island’s longest serving Chief Minister to date. He currently holds independent Non-Executive Director positions with several organisations including a leading Guernsey based fiduciary company and the world’s largest independent private equity and real estate fund administrator among others.

Lyndon Trott, commented:

“Advances in technology are changing the shape of finance as we know it, Enhance is one example of a local business that has built their success on innovation in this rapidly evolving area. I look forward to helping them reach their goals and objectives, while developing my own insights as the fintech industry continues to evolve in the Channel Islands.”

James Painter, CEO of Enhance, commented:

“I’m delighted to appoint Lyndon as our new NED. Lyndon has a deep understanding and knowledge of the industry. In his new role at Enhance, Lyndon will leverage his business expertise to provide support and advice to strengthen the company, as we continue to move forward and deepen our offering. I’m looking forward to seeing the impact of this appointment as we continue to expand our business in 2016.”

Glad tidings from Enhance London

Author: Tom Wiseman, Managing Director 

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I have just completed my first week as Managing Director of Enhance’s London office and already feel very excited about the weeks and months ahead. Quite apart from the fact that Christmas will shortly be upon us and London is particularly magical at this time of year, the continued expansion of Enhance’s global footprint into the world’s premier financial centre is a notable watershed in the company’s 10-year history.

Enhance has provided Investment Monitoring, Wealth Consultancy and Treasury Services to the UK fiduciary community for many years via our Jersey office, so the establishment of our physical presence in London in September 2014 was a natural evolution for our business. The office’s recent developments will further enable us to provide a highly personalised service to existing and prospective clients alike who are advised out of the UK.

We are committed to building our reputation in London on two key tenets: offering proactive, independent investment advice and providing exceptional client service. Being entrusted by a family or institution to manage investment capital is a rare privilege that should be handled sensitively and with the utmost personal care and attention by experienced investment professionals.

I am fortunate enough to work alongside Enhance’s Head of Research Dr Ruzhen Li in London, whose exceptional analytical skills and deep Investment Consultancy experience complements my own background as an Investment Manager. We intend to look after clients in partnership, providing investors and their advisers with a senior consultancy team accredited by both the Chartered Financial Analyst Institute (CFA) and Chartered Institute for Securities & Investment (CISI).

To continue to expand and refine our offering to clients, over the coming months our London office will be securing the necessary regulatory permissions to allow us to carry out investment business in the UK within the rigorous standards and framework of the Financial Conduct Authority.

Therefore, we and our clients have much to look forward to in 2016. With the festive season already in full swing, I’d like to take this opportunity to wish you all a very merry Christmas and a happy new year. Our London team looks forward to working with you in the future.

Contact:

Zoe Avenell, Business Development Manager

zavenell@enhance.je

020 3709 6921

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