Allied Irish Bank backs buyout of all-female IFA firm

An all-female, Lanark-based firm of independent of financial advisors has completed a management buyout (MBO) after receiving £1 million in financial backing from Allied Irish Bank.

Executive Benefit Services (EBS), which manages wealth in excess of £200m and specialises in retirement and inheritance-tax planning for its predominantly owner-managed UK client base, said it is now recruiting as it targets “steady” growth.

Headed by managing director Val Barr, the MBO was completed within four months.

Ms Barr, who is a chartered financial planner, joined in 2011 after ten years at Barclays Wealth, said she aims to capitalise on the expertise of her all-female employees, adding: “Female managing directors are rare in financial services, as are all-female employee teams.”

Val Barr said: “Female managing directors are rare in financial services, as are all-female employee teams. It did strike me that the relationship manager at Allied Irish Bank (GB) who oversaw our transaction was also a woman, Libby Clark.

“The tide is turning in Scotland’s financial services.

“Since the buyout, we’ve made substantial behind-the-scenes changes at EBS.

“As well as streamlining and improving our internal systems and processes, we’re making changes that benefit the whole team and improve our culture – we’ve created a lunchroom, given everyone their birthdays off and implemented informal flexible working.

“We want to make this the best work environment possible.

“We’re recruiting for two posts, an administrator and a financial adviser, and are targeting steady growth over the next four years,” she added.

­Libby Clark of AIB added: “We are proud to support another successful management buyout, an area of funding the bank has a healthy appetite for.”