Altorfer Financial Management Ltd Independent Financial Advisers
EMPLOYEES RECEIVE SHARES IN ALTORFER
Back in early 2007, Roger Taylor established a share option scheme designed to reward employees for their loyalty by becoming shareholders in the company. One of the criteria for the scheme was that client assets must exceed £200 million by the end of 2016, which we achieved last December.
Following FCA approval at the end of June, final documentation was signed on 12th July, and shares were issued to the nine longest serving members of staff. Roger remains the largest shareholder. A second option scheme has been set up with a maturity date of 2022. This aims to reward those members of staff who did not participate in the first scheme and those who only have a small shareholding at present. The second scheme will also be available to encourage any new employees joining our team to promote the company.
CLIENT FINANCIAL ASSETS PASS HISTORIC £200 MILLION
The Brexit and Trump effects on UK and global markets have caused continued volatility over the last few months, but this has been to the undoubted benefit of our UK based investors. Partly due to associated currency effects, our client investment assets have continued to climb steadily, exceeding £200 million at the end of December 2016.
CHANGES AT THE TOP
Restructuring of the Altorfer senior management team is now under way, in order to prepare the company for the 2017 retirement of Altorfer founder and Managing Director Roger Taylor. Roger moves to the role of Chairman of the company, with Daniel Wackett, who has been with Altorfer for 18 years, taking on the position of Managing Director Designate. Roger will also be relinquishing his role as Compliance Officer, with Helen Wake taking over this function. These changes are being made well in advance of Roger’s retirement, in order to give the new appointees plenty of time and support for their bedding-in process.
CLIENT ASSETS REACH £180MILLION
Markets have been volatile over the last twelve months, but despite this Altorfer client assets have increased by almost £1 million per month. Total client financial assets have passed the £180 million mark for the first time.
ANOTHER LITERARY PRIZE NOMINATION FOR MD ROGER TAYLOR
The French translation of MD Roger Taylor's second book, Mingming & the Art of Minimal Ocean Sailing, which last year won the Prix Henri-Queffelec, has been nominated for France's top maritime literature prize, the Prix Gens de Mer. He has been invited to attend the Festival Etonnants Voyageurs, in St Malo in June, when the winner will be announced.
NEW ADVISER APPOINTED
With the continuing reduction in MD Roger Taylor's client-facing advisory role, the company has appointed David Ashley to the advisory team. David has over thirty years' experience working in the City of London, firstly in financial markets and then as an adviser. The company now has five staff registered with the FCA as either advisers or fund managers.
CLIENT FINANCIAL ASSETS REACH £168 MILLION
Despite volatility in financial markets over the last few months, our client investment assets have continued to climb steadily, reaching £168 million by mid-November.
ALTORFER LISTED IN TOP 100 IFA'S
After analysing the business models of more than 12,000 UK IFA companies, the City media company Citywire has published its list of the country's top 100 IFA's. We are pleased to report that Altorfer has been selected for the list. The list does not rank companies, but assesses them on the basis of various criteria, such as the percentage of income derived from advice and investment management rather than sales and the consistency of turnover and profits.
FUNDS UNDER MANAGEMENT REACH £160 MILLION
A combination of strong inflows of funds from clients and a positive tone in financial markets has pushed client investment assets to £160 million. Of this figure, nearly £110 million is now managed under discretionary mandates.
NEW MEMBER OF STAFF APPOINTED
We are pleased to announce that a new member has joined our team. Sabrina Leslie-Williams has been appointed to our Administration team. Sabrina has a degree in Business and is qualified in investment management. It is expected that she will make a significant contribution to the development of the company.
ALTORFER MD WINS FRENCH LITERARY PRIZE
The French translation of Altorfer Managing Director Roger Taylor's second book has won the Prix Henri-Queffélec. An initial selection of thirty books was narrowed down to eight for the jury to consider. The prize was awarded to Roger at the inauguration ceremony of the 29th Festival Livre et Mer at Concarneau, Brittany.
ALTORFER M D MEETS ROYALTY
Altorfer Managing Director, Roger Taylor, spent ten minutes or so chatting with HRH Princess Anne at the London Boat Show. Roger, whose three books on his ocean voyages have become sailing best-sellers, had been invited to exhibit his yacht ‘Mingming’ at the show. ‘Mingming’ was then selected as one of the stopping points for the Princess Royal’s visit. She is a keen sailor, and the two spent a lively ten minutes discussing the finer points of ‘Mingming’s’ rig and ocean preparation, and the joys of single handed sailing in the Arctic.
The French edition of Roger’s second book, Mingming & the Art of Minimal Ocean Sailing, has just been nominated for a French maritime literature prize, the Prix Henri-Queffélec. Roger has been invited to attend the Festival Livre et Mer at Concarneau, Brittany, in April, when the winner will be announced. Formidable!
ALTORFER READY FOR RDR
On 1st January 2013 the new regime for financial advice – the Retail Distribution Review (RDR) – comes into force. This has involved, for Altorfer, a two-year overhaul of our internal systems and controls, a complete revamp of our regulatory paperwork, and the attainment by all advisory staff, by means of higher qualifications and training, of a Statement of Professional Standing. As we have for many years been an investment management fee-based company, we have not been required to make any fundamental changes to our business model.
FUNDS UNDER MANAGEMENT REACH £150 MILLION.
Despite a sideways market for some time, total client assets have now topped the £150 million mark. For a while our target has been to reach £200 million by 2016, so we are well on track for that.
ALTORFER NOMINATED FOR SIXTH CONSECUTIVE YEAR
For the sixth consecutive year, Altorfer was amongst the six nominees for the New Model Adviser Award for Greater London. The New Model Adviser Award, which is based on an in-depth independent analysis of each company’s business model and practices, is generally considered to be the highest accolade in the financial advisory sphere. We are honoured to be the only company in the Greater London area to have been nominated every year since the award’s inception. We of course went on to win the inaugural award.
FUNDS UNDER MANAGEMENT REACH £132 MILLION
The steady growth of client assets continues. As of mid-January 2011 the total value of client financial assets reached £132 million. During the sixteen years in which we have been monitoring client assets, the value has only dropped twice ~ in 2003 and in 2009. Both those marginally negative years were followed by a period of rapid recovery. Over the whole sixteen year period client financial assets have increased over six-fold.
NEWSLETTER May 2010
The last two years have provided an unprecedented challenge for asset managers, with extreme volatility in financial markets and the near-collapse of the global banking system. Despite that, our portfolios are in profit over the period. The extremes of investor behaviour presented opportunities as much as threats. Having increased our cash holdings throughout 2007 and the first half of 2008, we were in a position to take advantage of unsustainable mis-pricings in the market caused by irrational fear. Our portfolios were bolstered too by the increased exposure to such assets as gold, commodities and emerging markets, which fared much better than many, more traditional, ‘defensive’ holdings. Our adoption of the Transact platform, on which we now manage over £50 million of assets, has helped enormously in this.
Global economic data is now generally positive, and financial markets buoyant, but we do not discount the possibility of a reaction against the sharp recovery of the last 12 months. Although we have reduced cash holdings considerably, we are still not fully invested; any downturn will present new buying opportunities. The thrust of our current strategy is to move into assets which are both high-yielding and inflation-proof, thereby offsetting the current low yields on cash, and insuring ourselves against the possibility of rising inflation over the next few years.
At the beginning of June we will be installing a completely new computer system, with upgraded hardware and new software. There is likely to be disruption for about two weeks as engineers install the systems and staff adjust to them. Although we will be doing everything possible to minimise interruptions to our normal business flow and communications, there will inevitably be the odd glitch, so I ask for your forebearance during the changeover.
For the fifth consecutive year I will be away voyaging for several months this summer, heading once more into the Arctic Circle, this time in the region of West Greenland and Baffin Island. The team at Altorfer is by now more than capable of ‘minding the shop’ in my absence. My second book, - ‘Mingming & the Art of Minimal Ocean Sailing’ – is published in September (and available for pre-order at amazon.co.uk or at www.thesimplesailor.com).
ALTORFER FINANCIAL MANAGEMENT LTD
A FOURTH CONSECUTIVE NOMINATION FOR ALTORFER – January 2009
Altorfer has once more been rated amongst the top five Greater London advisory firms, receiving its fourth consecutive nomination for Citywire’s New Model Adviser award. This award, with its rigorous independent assessment, is considered the top accolade for financial adviser firms. Altorfer is proud to have been named in this elite grouping every year since its inception.
FUNDS UNDER MANAGEMENT STABLE AT £110 MILLION – December 2008
Despite the difficulties in financial markets during 2008, Altorfer’s funds under management have remained resilient. A combination of a conservative asset allocation and new inflows of money have meant a fall in total assets of only a few percentage points. Managing Director Roger Taylor is confident that the usual upward trend of the company’s funds under management will be resumed in 2009.
'VOYAGES OF A SIMPLE SAILOR' PUBLISHED - July 2008
Managing Director Roger Taylor’s book ‘Voyages of a Simple Sailor’ has been published to critical acclaim. Described by Sailing Today as ‘ the best-written book on sea-going under sail in many a year’ and by Practical Boat Owner as a ‘classic’, the book spans fifty years of Roger’s sailing adventures, including shipwreck and a mid-ocean capsize. Roger has been busy signing books at all the major Boat Shows.
ALTORFER NOMINATED FOR THIRD TIME! - January 2008
For the third successive year, Altorfer had been nominated for the prestigious New Model Adviser Award for the Greater London area. Although we did not win the award, Altorfer is now the only company to have been nominated in the top five London companies in every one of the three years since the awards commenced. This is a tremendous achievement, and underlines the consistency of our business model. The awards are organised by the financial media group Citywire.
FUNDS UNDER MANAGEMENT PASS £114 MILLION - January 2008
Altorfer starts 2008 with funds under management now exceeding £114 million. This is an increase of over £10 million during 2007 - a creditable result given the problems and volatility in financial markets.
BACK FROM THE SEA - AGAIN! - August 2007
Managing Director Roger Taylor is safely back from his single handed voyage to northern waters. Strong headwinds prevented him from reaching the Arctic Circle. He did, however, get to the coast of Southern Iceland and also fulfilled his ambition of circumnavigating the whole of the UK and Ireland, including Rockall.
NEW ADMINISTRATOR - August 2007
We welcome our new administrative assistant Katy Calcaterra. Katy is very experienced in Financial Services, having spent 8 years working for the Nationwide Building Society. She is looking forward to getting to know all our clients.
£110 MILLION MARK REACHED - June 2007
Funds under management have now reached £110 million, just 8 months after breaching the £100 million mark. We are delighted with this rapid growth ~ a combination of excellent investment returns and new funds coming under our management. We are on track for our end-of-year target of £115 million.
ANOTHER YEAR ANOTHER VOYAGE - June 2007
Managing Director Roger Taylor heads off shortly on a single-handed voyage to North-East Iceland and the Arctic Circle. Once again this will be in his 20' yacht Mingming, in which he sailed to the Azores and back last year. This will be a tougher (and colder!) voyage lasting about six weeks. If conditions are favourable he hopes to sail back via Rockall to Plymouth.
ALTORFER NOMINATED AGAIN ! - January 2007
For the second year running Altorfer was one of the five nominees for the New Model Adviser of the Year Award 2007, for London and the Home Counties. Last year, the inaugural year of the award, we went on to win it. Against such stiff competition it was too much to expect to win the award for a second consecutive year. However, it was a great honour to be named once again in the very top group of London's advisory firms.
£100 MILLION MARK REACHED - October 2006
After just under 16 years in business, Altorfer client investment assets have passed the £100 million mark. This perhaps signifies the coming of age of the company - the transition point from a small growth enterprise to a mature established player in the financial management field.We are now thinking about a viable target time for doubling those assets to £200 million. Five years? As a separate exercise we have also been tracking the values of our client real estate holdings.When these are added in, total Altorfer client wealth is now close to £1/4 billion.
BACK FROM THE SEA - September 2006
Managing Director Roger Taylor is now back at work after his three months' long service leave. During his leave, Roger sailed, single handed, to the Azores and back in his 20' yacht Mingming. The company continued to operate smoothly in his absence. Funds under management have now reached almost £99 million, and we hope to breach the £100 million mark within the next few months. This will be a major milestone in the development of the company.
ALTORFER WINS TOP AWARD! - January 2006I am very pleased to let you know that Altorfer has just been named New Model Adviser of the Year 2006, for the London and Home Counties region. The award comes from Citywire, the financial publisher (part owned by Reuters) who publish New Model Adviser magazine. From a UK starting population of about 6000 companies, seven regional awards were made, with Altorfer winning the prestigious London accolade.
The 6000 companies were analysed in detail by both Citywire and independent actuarial consultants AKG. There were a range of criteria covering financial performance, growth of funds under management, business model, client relationships, expertise, qualifications and so on.
Particular emphasis was on the extent to which companies had re-engineered themselves to deliver a comprehensive advisory, rather than sales-based, service.
I am still recovering from the shock of having to go on stage to receive the award at a black tie dinner in the City of London, when an hour earlier I was not even aware that we were one of the six London nominations. Fortunately I was not required to make a speech!
The other news is that after 20 years of relentless effort to build the company, with no more than two consecutive weeks' leave during that period, I will be taking some extended 'long service' leave this summer. I will be away for eight to ten weeks from the beginning of June.
Altorfer now has an extremely experienced and efficient team, who will have no difficulty 'running the shop' during my absence. Planning is already under way to ensure that there is minimal disruption to the normal sequence of annual reviews.
Inevitably there will be some reorganisation during this period. However I am sure that I will not be begrudged a short period of respite after two decades of unremitting effort!