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"Creativity is thinking up new things. Innovation is doing new things."
- Theodore Levitt, Harvard Business School
Following our successful brand refresh in Q1, the team at Enhance has been busy pivoting from the creativity implicit in good marketing to the innovation required to drive our business forward in 2025, and beyond. We see ourselves as an agile, technology-first company and to make that claim we need to constantly have great ideas and execute them.
Cue the appointment of Raoul Harris CFA as our in-house Innovation Consultant. With so much going on in the world of data science and artificial intelligence (AI), we feel that creating and investing in a dedicated role to help Enhance navigate the complexities and opportunities that rapid technological evolution brings makes perfect sense. The possibilities for Enhance, particularly in AI, seem endless.
However, it's important that the right foundations are in place to harness AI, data science and automation. This is why Raoul's first task has been to undertake a review of Enhance's data architecture over the last quarter. The outcome, which will be implemented over the balance of 2025, will be a move to Microsoft Fabric and OneLake and transitioning all our data and infrastructure to Azure data centres in Switzerland.
This new architecture will enable Enhance to privately and securely capitalise on our data for the benefit of our clients - think chatbots able to answer specific questions about investment portfolios, and agents writing investment commentaries for Trustees in Mosaic's Client Portal at the click of a button. This type of functionality is in our sights for delivery in 2026, once we have rearchitected our platform.
We have also been making significant progress in the development of Mosaic with a game-changing Client Portal upgrade, scheduled for release to coincide with the Q2 reporting cycle. A comprehensive update will follow on this upgrade, but some of the headline functionality we are introducing includes:
+ Global Management Information: dashboarding and reports that can be configured at office, region and global level to give Trustees complete oversight of their global client base
+ Structure Charting: we are introducing a novel approach to structure charting to show the relationship between entities and their investments monitored by Mosaic
+ Mandate Compliance: a summary of all the tests that Enhance has applied to portfolios as part of our EMAP review process to confirm whether or not the portfolio complies with it's mandate
+ Holdings Summary: position statements, showing the underlying holdings of each portfolio managed by an investment provider that delivers holding-level data to Enhance
+ Holdings Snapshot: a drilldown to the underlying properties of each portfolio holding, including the underlying asset allocation of funds and ETFs, to provide a deeper perspective
+ Bookkeeping: transaction data packs, mapped to a target administration system like Quantios, available for download on bookkeeping-eligible investment providers
We are committed to delivering outstanding value to our clients and our Client Portal will be the focal point of Enhance's service delivery for the Monitoring solution in future. All of the above, other than Bookkeeping, will be delivered within our existing fixed fees and there is plenty more to follow in the months and years ahead. This will no doubt include useful applications of AI and deeper integrations with third-party platforms used by our clients.
Moving onto our Consultancy solution, which also made significant strides in Q2. Most notable was the launch of our Select service on the Mirabaud & Cie private banking platform. Combining independent investment advice and manager selection with the benefits of Swiss private banking has created a proposition that our prospects and clients are flocking towards - so much so that we see the future of our Consultancy solution being led by this service.
Select offers a modular approach to capital allocation, investing in best-in-class passive, active, multi-asset and private markets solutions to create a well-diversified, tailored and high performing investment strategy for Enhance clients. What's more, because of our fund-based implementation approach, we can offer a variant of this service to clients with £1m to invest and our full array of modules can be accessed by larger clients with no maximum size constraints.
Key takeaways on Select are:
+ Centralised approach: Select provides fiduciary investors with access to best-in-class investment and banking solutions through a single wealth platform advised and administered centrally by Enhance. This cuts through the complexity and cost of working with multiple investment counterparties without compromising client outcomes.
+ Open architecture: We offer active, passive, and private market managed investments from the world's leading investment houses through Select. With segregated and funded investment options selected from Enhance's global manager research programme, fiduciary investors gain preferential access to best-in-class investment solutions on one platform that also caters for their banking requirements.
+ Implement change: One of the biggest challenges of diversified, managed investing on multiple platforms is successfully implementing change. Client requirements and the investment management universe evolve, but changing investment managers and products across different platforms has associated risks and costs. Select removes these challenges through centralisation and modern platform technology.
Q2 saw a quantum leap forward in our Enhance Peer Group project. Here we intend to buck the industry trend and provide managed investment peer group analytics, derived from actual, verified portfolio data in Mosaic, for free via our website. This is Enhance's way of democratising otherwise opaque data and helping investors and investment managers all around the world to better understand how they are performing. Watch this space in H2 2025.
Finally, we are pleased to share that our Chairman, Lyndon Trott, has been appointed an OBE for his services to Guernsey as one of the island’s longest serving politicians and financial services stalwart. He has since retired from frontline politics, departing as Guernsey’s first two-time Chief Minister which is a remarkable achievement. Also, he has recently been appointed as Chair of the Trustees of the Commonwealth Parliamentary Association Charitable Funds. You can read more here. Congratulations, Lyndon!
Hopefully, this update provides you with a sense of the investment we continue to make in our business in pursuit of better service delivery and outcomes for our clients. Whether it's genuine innovation, standing on the shoulders of giants or hard work, we are committed to moving forward and becoming a go-to investment partner for the fiduciary industry.
Onwards!
Tom