Taking Ravenscroft Jersey to the Next Level

Gwyn Garfield-Bennett went to meet Ravenscroft’s Jersey Managing Director Haydn Taylor, to hear about their ambitious expansion plans.

Ravenscroft was founded in 2005 by Jon Ravenscroft, the current Chief Executive and Andy Stewart:  ‘Ravenscroft has been extremely successful in Guernsey,’ says Haydn Taylor, ‘What the group wanted to do was to replicate the success that they have had in Guernsey, in Jersey. And theoretically when you look at the populations, the Jersey business one day should be bigger than the Guernsey business.’

 

A lot has changed in the five years since Haydn joined. The group had just over a billion pounds of assets under administration then, now it’s topping six billion: ‘Those assets have come from organic growth, attracting new clients to the business and making a number of key acquisitions as well. The most recent acquisition that we announced was the purchase of Royal London's cash business.’

 

Ravenscroft had already started a treasury desk to look after client cash, but when they bought Royal London Asset Management CI and Royal London Custody Services CI, which manage both private client and institutional cash, that brought with it over £2bn in assets.

 

It’s not the only acquisition, last year the group bought Bullion Rock, which provides previous metal dealing and custody facilities:  ‘We essentially have five or six key pillars to the business,’ explains Haydn, ‘In the early days those were execution only stockbroking trading, advisory stockbroking and discretionary portfolio management, which are the sort of traditional services provided by stockbroking firms. We've expanded that out now to recognize the fact that people do need their cash managing for them and might want to invest in gold and silver and they might actually want to have that located near to them. So the Bullion Rock business, for example, the assets are all located in Guernsey.’

 

Right now, Jersey accounts for around 15% of the assets under administration in the group. The big change, says Haydn, was when they acquired a team of advisory stockbrokers around two years ago, which brought significant assets with them: ‘We're looking to grow that significantly. But what we are very keen to do is to find the right teams of people. It was a long process, finding the last team that we bought, and it might be a long process to find the next one, or it might be around the corner. What we really want is people who are going to gel with the team that we have, we want highly experienced individuals with strong reputations.’

You can read the full article in our February issue here.