WBS

ABOUT THE INVESTMENT

WBS is the UK's leading outsourced dealing platform, enabling retail wealth managers and investment platforms to trade, settle and hold equities, fixed income, and exchange-traded products on behalf of their investors. The platform is deeply embedded in its clients' operations and plays a central role in the infrastructure of the UK retail investment market.

We acquired WBS in a complex “carveout squared” transaction from Marex: WBS was one of three main operating businesses of Winterflood Securities Limited (“Winterflood”) which Marex had acquired from Close Brothers plc.

WBS operates in a market supported by strong structural growth drivers, including the continued shift from mutual funds to exchange-traded products and the ongoing trend towards outsourcing technology and dealing infrastructure. The business benefits from long-term contracts, recurring revenues and high customer retention, and has demonstrated consistent growth and profitability over more than a decade.

Our transformation plan will be led together with the incumbent CEO, Alex Kerry, who founded WBS in 2010 and has grown it every year since. Our plan is to build on WBS’ strong market position by growing through existing channels and expanding into new markets, including offshore discretionary fund management.