Friday 11 June 2021
It is over 10 years since Gale and Phillipson (G&P) launched Dynamic Cash Management (DCM) its innovative cash management service for private individuals, companies, charities and trusts. Since then, over £1bn has used the service. DCM has been a success for all stakeholders – clients, savings institutions, introducers, shareholders and staff. We would like to thank everyone involved in DCM for creating and maintaining this impressive success story.
Despite delivering an excellent service and achieving impressive scale, it is clear that to continue to serve cash-management clients and develop cash-management services, a substantially larger operation than DCM is necessary. G&P has therefore made the strategic decision to withdraw from the cash management market.
Since the launch of DCM, many competitors have come and gone. Creating the scale necessary to create a long-term successful cash management business is a considerable challenge. However, the one firm to have achieved this is Flagstone, and G&P are delighted to announce that they have reached an agreement to partner with Flagstone in the cash management market. The partnership will involve working with DCM clients and introducers over the summer to see who would like to adopt Flagstone’s cash management services, and over the long term to continue to introduce our own advisory clients to Flagstone for their cash management needs.
Withdrawing from the cash management market will enhance G&P’s ability to develop and grow its core activities of financial advice and wider wealth management. There will be no redundancies from the excellent G&P DCM team who will be redeployed to enhance the firm’s capabilities in client servicing and change implementation.
David Carr, G&P CEO commented “We are proud of everything we’ve achieved in DCM, and immensely grateful to our staff, clients and introducers. However, we believe that in Flagstone we’ve found an excellent partner for the future needs of our loyal DCM clients and introducers. It’s been a pleasure working with Flagstone so far, and we’re sure they are the winning team in the challenging cash management market.”
Simon Merchant, CEO at Flagstone commented: “Consolidation of providers is a natural development given the rising popularity of cash deposit services. We have long respected the work that the DCM team do and are looking forward to welcoming their clients and advisers to Flagstone. As the UK’s leading cash deposit platform, and as a specialist provider, we believe we are well placed to support DCM’s clients through this transition. At Flagstone, we pride ourselves on excellent client service and will ensure they continue to receive the high standards in client care that DCM have always provided.”
DCM 0345 094 2255 DCM@DCMCash.com