15/09/2010 Author: Tony Griffiths

MAG Consultancy restructures following MSS buy-out

London-based managed accounts specialist MAG Consultancy has restructured following a split between the firm’s founders, sources with knowledge of events have told HFMWeek.

According to the sources, managed accounts provider MSS Capital, owned by MAG co-founder and managing director Simon Hookway, has purchased the entire MAG stake owned by IGS Group, the firm run by fellow MAG co-founder and managing director John Godden. As a result, the consultancy is now 100% owned by MSS Capital.
 
MSS Capital’s buy-out of MAG Consultancy came into force on 8 September, formally bringing to an end the joint-venture between MSS and IGS and any involvement in MAG by Godden. Hookway is to continue in his capacity as MAG managing director.
 
MAG Consultancy was founded in January 2009. Since inception the firm has advised a number of high-profile groups on managed account issues and was instrumental in advising fund administration business Butterfield Fulcrum on the launch of its own managed account platform.