Jarvis Securities, which was well known for providing low-cost execution services to retail traders and execution for many stockbrokers, has announced it is withdrawing from the execution only business, and that it will transfer all its execution only accounts to interactive investor, which is owned by Fund Management group Aberdeen.
In a note to customers, Jarvis said: We have really valued your support, and our focus now is to make sure your transition is a smooth one. Your account is expected to move to interactive investor in the summer; we’ll keep you updated on key dates in the coming weeks, with more details on what this means for you. In the meantime, it’s business as usual at Jarvis and you do not need to take any action.
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What happened to Jarvis Securities?
Aim-listed Jarvis, which trades under the ticker JIM, is selling its direct-to-consumer business to ii for a consideration of up to £11.0 million in cash in a deal that’s expected to close by the end of July 2025 at the latest.
ii will also assume control of the XO and Share deal active brands as well as Jarvis branded services.
Jarvis won’t get its money all in one go, however, as payment will be split into three tranches £9.0 million will be paid by II on completion of the transaction, with subsequent payments of £1.0 million being staggered over the next 12 to 18 months thereafter.
II has set out some hurdles that the former Jarvis business will need to meet, including the retention of 90.0% of AUA or Assets under Administration.
Notably, if this and other conditions are not met by Jarvis Interactive Investor can extend the migration period or even terminate the agreement altogether.
Once the sale of the execution only business is completed, Jarvis will then wind down its model clearing business.
What is Model B Clearing?
Under a model B clearing arrangement, a stockbroker or investment manager would use Jarvis’s balance sheet, clearing and settlement systems to facilitate their trading and pay Jarvis a fee for their services
However, model B clearing is usually undertaken by much bigger organisations (for example, Pershing Securities, which is itself owned by US bank BNY Mellon), simply because it is a capital-intensive business.
Once the model B clearing business has been wound down, Jarvis will effectively become a cash shell that is a listed entity with no real business inside of it.
In the past, cash shells have been used as acquisition vehicles or as platforms into which to reverse and unlisted businesses looking for a quote.
End of an era
To some extent, this is the end of an era. I first came across Jarvis as a client back in the mid-1990s.
They were always a very nice outfit to do business with, however, you always had the feeling that their small size counted against them, and that ultimately they would be edged out by the banks and larger clearers.
Though, to be fair they lasted a lot longer than many commentators might have expected, that sai,d shares in Jarvis Securities had lost -88.70% of their value over the last 5-years, during which period AJ Bell’s share price has risen by + 9.36%, whilst IG Group’s stock has risen by +42.55%.
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