Looking for a firm to merge with is certainly no easy task, as Myles McIntosh, head of private client at newly formed Cripps incorporating Pemberton Greenish, can attest.
Speaking to eprivateclient, he explained that despite their difficulties, mergers are an inevitability for most firms in this “fast moving world”. There are going to be significant changes in the next three to five years, particularly in IT infrastructure and artificial intelligence. Firms have to be of a certain size and capability to “invest for the future”.
It is important to be able to make the most of these “opportunities, which are not threats”, perhaps resulting in the private client industry’s trend to merge as being small can make you “quite vulnerable”.
He said he has spoken to other heads of private client at similar sized firms, who agreed that “if we sit still we are going to be in difficulty.”
Having recently merged with Pemberton Greenish, Mr McIntosh explained that one of the main motivations for the merger was to “strengthen and broaden” the Tunbridge Wells-based firm’s London presence, as over the past 10-15 years it has found itself acting for a larger number of London-based clients. In fact, London clients now account for between 30 and 40 percent of the firm’s revenue. A merger allowed the firm to have the “greatest impact in the quickest possible time”.