Hewitsons, which has offices in Cambridge and Northampton, and Ipswich firm Birketts have merged their investment units together to create Affinity Investment Management. The move was prompted by the stringent demands of the new Financial Services Authority rules.
“The new raft of administrative regulations are making it more complex for law firms to provide investment services”
Andrew Lowin, Affinity Investment
Affinity Investment's chief executive Andrew Lowin, who has managed Hewitsons' investment services since 1996, said: “The new raft of administrative regulations are making it more complex for law firms to provide investment services and we're delighted that the creation of Affinity Investment puts us ahead of the field.
“Bringing our two investment units together has given us the strength in depth we need to meet the regulations and continue providing our clients with independent investment advice – a rare commodity in an industry dominated by commission-based advisers.”
Affinity Investment will be managing investments worth approximately £100m for around 500 clients. Its clients are private individuals, family trust funds, small charities and pension providers. Affinity Investment's management board includes partners from both law firms.