As we head into the last quarter of 2020, with clear signs of a ‘second wave’ of the pandemic and a return to some form of restrictions, it would be easy to allow the human and economic adversity to overwhelm us. However, one of the most remarkable and seemingly enduring themes of Covid-19 has been people’s willingness and ability to adapt to unprecedented circumstances and do so with a positive mental attitude.

At Enhance, in our own small way, we have drawn inspiration from those around us and used the dislocation of the pandemic as an opportunity to make a step-change in our business. In April, the launch of our new proprietary software, Mosaic, set the tone for a productive six months of remote and, more recently, office-based activity in two key areas; technology and independence.

Technology is the cornerstone of Enhance’s business and the launch of our new Mosaic platform marked the first delivery of a major investment programme into proprietary software and interoperability. In recent months we have hired three new Developers and a Data Engineer to our growing Operations Team, to supercharge the evolution of Mosaic and support the Q4 launch of our Client Portal.

Mosaic’s Client Portal, delivered to our fiduciary, family office and charity clients at no additional charge, augments our Monitoring, Portfolio and Consultancy services with an online and interactive platform that delivers investment intelligence and resources. The purpose of the Client Portal is to provide management and investor level information to Intermediaries at their desk or ‘on-the-go’ to help improve their investment related client interactions.

From here, the development roadmap for Mosaic focuses on the interoperability of the Client Portal with third-party applications, including administration systems, to remove manual workflows and improve the operational efficiency associated with consuming one of Enhance’s core services. There is also a significant drive for data democracy and accessibility from the Investment Management community in a bid to trailblaze Open Banking techniques in the offshore sector.

The second area of focus has been two strategic transactions to underline the independence and owner-managed culture of the business. In order of completion, we congratulate James Hoare and his team on their successful acquisition of MPI earlier this summer. Previously part of Enhance Group, MPI now operates on a wholly independent basis from a management, infrastructure and ownership perspective to deliver a valuable service to STEP Members.

 We felt that the continued growth of MPI within Enhance Group gave rise to a conflict of interest for both businesses that would be increasingly difficult to manage and therefore it made sense for Enhance to exit a manager subscription model and focus solely on offering truly independent monitoring and advice services to our clients. This move differentiates Enhance from competitors in our sector, whilst retaining access to the data intelligence of MPI as a client. 

More recently we were pleased to complete a Shareholder Buyout which placed more equity into the hands of the executives and staff that will be driving the company forward in its next phase of growth. Enhance is now majority owned by staff that are active within the business, whilst continuing to enjoy strong institutional backing from TISE listed Financial Services Opportunities Investment Fund; a partnership that we value highly and look forward to building on moving forward.

Therefore, we believe that we have evolved positively during a challenging period which speaks to the adaptability and innovative spirit of our team. As the spectre of a ‘second wave’ and potential working restrictions looms, continuing on this path will prove invaluable when seeking to deliver a high quality and consistent service to our clients – not just through traditional personal interactions, but also through rolling-out market leading, accessible technology.

As ever I would like to personally thank our loyal clients and the firms who continue to explore engaging Enhance in these difficult times. Our aim is to repay your support and interest in kind by committing to improving our services at no additional cost and delivering as we promise.