During the summer that never was, things have been anything but dreary at Enhance. Despite Jersey's position at the southern tip of the Crown Dependencies, a proper summer has eluded us as we merge into Q4 with little change but a notable drop in temperature. With many of the benefits of island life compromised, it's provided the perfect opportunity for Enhance to focus on making a crucial strategic change to our business: our ownership.

We have always prided ourselves on being an independent, owner-managed business but my ambition, since becoming CEO of Enhance in 2017, has been to increase staff equity participation. I benefitted personally from this philosophy in my previous life as a partner at 7IM and observe through one of our key clients, JTC Plc, that a shared ownership culture breeds success, staff retention and positive client outcomes. Skin in the game matters. 

During Q4, we expect to receive regulatory approval and formally announce the exit of the Financial Services Opportunities Investment Fund, our longstanding private equity partner, in a transaction that will see staff purchase an additional 20% of issued share capital in Enhance. Approximately 80% of our staff will own approximately 80% of our business, with a strategic third-party investor that has been known to Enhance for many years acquiring the balance.

As part of this transaction, our capital structure has been simplified to create one class of ordinary shares with equal dividend rights, putting all investors in Enhance in the same boat. It is a deal without leverage where all investors are stumping up cash from their personal reserves to participate in the next phase of Enhance's journey. This is as humbling as it is exciting for me, and Enhance's board of directors and I hope will be very positive news for our clients.

Along with working hard on our ownership changes, Q3 has been characterised by laying foundations for improvements to our business that we intend to roll-out in 2025. These include, but are not limited to:
+ Monitoring solution improvements, including launching a Bookkeeping (transaction pack) service to automate client accounting.
+ Consultancy solution improvements, including launching Select, Navigate and Research services, to offer more advice choices.
+ Digital onboarding for our Monitoring and Consultancy solutions to provide a seamless KYC and AML journey for clients.
+ Enhance Peer Groups to provide professional advisers and their clients with more perspective on their investment arrangements.
+ Mosaic and corporate website integrations and enhancements to improve our clients and prospects digital interactions with Enhance.

All the launches and upgrades we are planning in 2025 are client-centric, focused on helping professional advisers manage the responsibilities they have in relation to their clients' investment affairs. We want to be the go-to investment partner for professional advisers globally, delivering services that are relevant in a completely non-conflicted and independent manner.

Our Mosaic platform underpins much of what we do at Enhance and the importance of our proprietary software will only grow in future. With this in mind, we expect our Development Team to evolve and grow as we head into 2025. Enhance is not purely a software business, but I challenge any business to grow and deliver positive outcomes for clients without investing in this area. 

More generally, we have continued to travel far and wide to see our clients and prospects during Q3. We have held in-person meetings across the UK, Jersey, Guernsey, Isle of Man, Spain and Switzerland. It's a remarkable testament to the dedication and efforts of our relatively small front office team that we cover so much ground geographically, and that will only increase as we grow further in 2025.

Q4 will be more of the same. We will push hard to complete our ownership changes and put in place the foundations necessary to support our ambitious plans for 2025. I seem to constantly say this, but it is genuinely exciting times for Enhance and our clients. I look forward to keeping you updated on our journey in-person and digitally in the months and years ahead.

The final countdown to 2025 begins

Yours faithfully,
Tom