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B.P. Marsh (AIM: BPM) is specialist venture capital investor in early stage financial services businesses including insurance intermediaries, financial advisors, wealth and fund managers and specialist advisory and consultancy firms from around the world. Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for approaching ten years.

The Group’s aim is to be the capital provider of choice for the financial services intermediary sector and to deliver to its investors long-term capital growth alongside a sustainable distribution policy.

The Group invests amounts of up to £5m in the first round. Investment structure is flexible and investment stage ranges from start up to more developed. The Group initially only takes minority equity positions and does not seek to impose exit pressures, preferring to be able to take a long-term view where required and work alongside management to a mutually beneficial exit route that maximises value.

B.P. Marsh has invested in over 50 businesses since it was founded in 1990 and its management team has a wealth of experience and a well-developed network within the financial services sector.


Brian Marsh (NE Chairman)
Started his career in insurance broking and underwriting in Lloyd’s  55 years ago. Brian was, from 1979-1990 chair of the Nelson Hurst & Marsh group, before founding the Group.

Alice Foulk (MD)
Joined B.P. Marsh in September 2011. Appointed a Director of B.P. Marsh in Feb 2015 and MD in Jan 2016.

Daniel Topping (CIO)
Daniel has overall responsibility for the portfolio and investment strategy for B.P. Marsh. Joined 2007, appointed a Director in 2011 appointed CIO in 2016.

Jonathan Newman (CFO)
Chartered Management Accountant with over 25 yrs experience in financial services. Jon currently serves as a Board Director on two of the Group’s investee companies.

NEDs: Pankaj Lakhani, Nicholas Carter


P&L31 Jan 2023
31 Jan 2022
Gains on investments27,46020,259
Operating expenses(4,889)(4,770)
Income for the year23,84317,484
Total Dividend per share2.78p2.78p
Balance Sheet31 Jan 2023
31 Jan 2022
Cash 11,5648,628
Total assets197,769171,114
Total liabilities(8,232)(4,507)
Total net assets189,537166,607

Major Shareholders

  • Mr B.P. Marsh – 38.12%
  • Marsh Christian Trust – 2.49%
  • JTC Employer Solutions Trustee Limited – 3.88%
  • PSC UK Pty Limited – 19.85%
  • Mr Martin MacLeish – 5.03%
  • Hargreaves Lansdown Asset Management – 4.27%
  • Interactive Investor – 3.54%
  • James Sharp & Co – 3.48%

Media coverage

Investors Chronicle: B.P. Marsh Share price ralley is well underpinned (Feb 2024)
“The insurance-sector-focused investment company’s positive pre-close trading update is well worth noting ahead of the annual results: Although we will have to wait until the annual results on 11 June 2024 for the portfolio revaluation, it’s difficult to envisage a scenario whereby BP Marsh’s undiluted net asset value (NAV) per share will not surge through the 600p barrier at the 31 January 2024 financial year-end…”

Macro Indicators

Motley Fool

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Insurance is a recession-resistant business as well. We’ve seen this play out in 2022 as the S&P Insurance index outperformed the broad market S&P 500 by 13 percentage points through the first half of the year. During tough times, people still need to maintain auto and homeowners coverage, for example. In short, insurance is a business that can produce excellent long-term returns without too much volatility.

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