The Margetts name is synonymous with the provision of financial services in Birmingham, with the firm’s ancestry going back to the first Chairman of the then newly formed Birmingham Stock Exchange in 1845. The Margetts company of today being located in the Jewellery Quarter, seeks to maintain this tradition.
The origin of the company commenced in 1981 with the partners of the stock broking firm, Margetts & Addenbrooke, forming a financial services company in Norwich, M&A Financial Services, primarily for the purpose of including unit trusts in their clients’ stocks and shares portfolios. This was then expanded to include life assurance and pensions business. In 1985, following the departure of the consultant employed, Tim Ricketts joined the company as Managing Director in the Birmingham office, and acquired a 50% shareholding. At the same time, the name was changed to Margetts Financial Services Ltd. The business was set up to provide wealth management to new clients, as well as advising clients introduced by the stock broking business.
An immediate important aspect was added through the introduction of discretionary managed portfolios, which could include tax planning by the utilisation of single premium life assurance bonds. In 1986 Margetts Financial Services Ltd formed the first broker fund in liaison with Clerical Medical, to which were added a further four funds, namely, Scottish Life, Albany, Prolific and Scottish Mutual. In 1991 the company won Micropal awards achieving first over one year and second over five years for performance, with all the funds substantially outperforming the equivalent managed funds.
Between 1992 and 1995 further milestones were achieved with Margetts being a leader in establishing broker unit trusts and also introducing the concept of risk rated funds.
This was initially done in conjunction with Old Mutual and Scottish Widows, through which the company looked to cover the spectrum of risk with the Providence fund, the Select and International funds and finally, the Venture fund. Again, numerous awards have been won for these Strategy funds, commencing with Micropal in 1993 and continuing to the current date as a directly authorised unit trust company.
Margetts Fund Management Ltd was formed in 2001 by a share issue, with the majority being held by Margetts Financial Services Ltd and a selective offering to employees and supporters of the company who wished to take a direct stake. The company was authorised by IMRO with the aim of achieving first class returns within specified risk criteria, and also with the objective of setting high standards of servicing with direct employment of administration staff.
With the Retail Distribution Review coming into force in 2013, the company has looked to set new standards in supporting IFAs in portfolio management, combining risk management and providing direct access to our research facilities. This will comply with the regulatory objectives of providing material justifying the selection of individual collective investment funds, which primarily comes from the master list, which covers the spectrum of Margetts Risk Rated Strategy portfolios. IFAs subscribing to this service can also ascertain the detailed reasoning which has been made with regard to the holdings and utilise the material to support their own selections.
As can be seen from our antecedents, family connections have been particularly important in ensuring the strength and continuation of the business and Toby Ricketts has now taken over as Chief Executive Officer from his Father, the current Executive Chairman. In addition, Geoffrey Oakley, the son of Harold Oakley, the longest post Second World War senior partner of Margetts & Addenbrooke, remains a major shareholder and non-executive director of the company.