Defaqto has acquired MICAP from Indagate Group to extend its reach from multi-asset, single strategy and MPS investment products into tax-advantaged products.
MICAP provides independent research and advice tools on tax-advantaged products and a platform that links together over 1,000 IFA firms to a range of VCT, EIS, SEIS and Business Relief products. This is provided with clear, independent information, digital application forms and post-investment consolidated reporting.
Defaqto said the acquisition will enable it to ‘expand and deepen relationships within both the investment management and financial advice communities, adding enhanced scale and IP to the business. It will also draw on resources from across Fintel Plc to improve product design and distribution in this area of the market, thereby helping more IFAs select the most suitable tax-advantaged investment products for their clients, enhancing outcomes.’
Commenting on the purchase, John Milliken, CEO at Defaqto, said: “It is great to be able to extend our proposition into a new area of the investment market. There is strong adjacency in terms of products and customers and strong cultural alignment, which makes this an excellent fit for both organisations. Working with the industry we have raised the bar for Defaqto Engage every year, delivering better features and improving value for over 30% of the adviser market. We have been impressed with the quality of MICAP’s proposition and with the acquisition we look forward to building new relationships and investing further in supporting IFAs across the financial planning process.”
