The announcement comes a week ahead of the deadline for authorisations under the Alternative Investment Fund Managers Directive on 22nd July.
The firm was co-founded by Martin Herriot, and Aron Brown, former CEO and Director of Complyport respectively. With over 30 years’ experience in the compliance sector between them, they have operated in the industry from a regulatory, in-house and consultancy perspective.
Central to the firm’s unique offering is The GATEway, a comprehensive compliance management tool which can simplify the implementation of complex compliance procedures. This is a custom built system, developed by ex-regulators, which can be tailored to the specific needs of a regulated firm. The software includes an online regulatory manual, risk-based compliance monitoring system and a full audit trail and is a key part of the retainer service offering.
In addition to the core system, Newgate Compliance offers a number of related services. Primarily, the firm assists clients with authorisation, by project managing the application process, and offering value added services to start-up firms such as FCA umbrella coverage and recruitment services through its affiliate firms. Newgate Compliance also provides regulatory training, and ongoing counsel, as a guide through the ever changing UK regulatory climate.
Newgate Compliance are already working with a number of Fund Management clients of different sizes, ranging from $1m to $15bn in assets.
Commenting on the launch, Aron Brown, Managing Director at Newgate Compliance said:
“Having now officially launched into the market, we’re excited for the coming months. We’ve worked hard to develop an offering we believe is unique to the market, and reflects the constant evolution of UK and European regulation. As well as our bespoke software, we believe the additional services we offer provides our clients with peace of mind, and allows them to once again focus on their core business activities.”
“In many respects, complex regulation can seem like a foreign language. This is an area in which we have a very specific expertise, as we have experience as regulators and consultants. We can educate our clients and instil the confidence to take control of regulatory matters, in an efficient and cost-effective manner.”
Martin Herriot has assumed the role of Managing Director. His experience includes over a decade at the FSA and its predecessor, the Investment Management Regulatory Organisation, together with five years as a CEO of a multinational consulting firm and industry roles at Jupiter Asset Management, Barings, The Royal Bank of Scotland and Govett Asset Management.
Co-Founder Aron Brown will also act as a Managing Director. Aron has 15 years' experience in compliance and regulation, predominately at the regulator, but has also held a Directorship at a large UK compliance consulting firm and operated as an Approved Person for various firms in the asset management sector.
