Why Corporate Finance Boutiques Are Choosing Sturgeon Ventures for Appointed Representative Status

By Ms. Seonaid Mackenzie – Founder Managing Partner | Sturgeon Ventures LLP

Corporate finance boutiques are increasingly turning to Sturgeon Ventures as their Principal of choice for Appointed Representative (AR) status, and it’s not hard to see why.

With long-standing regulatory expertise, an independent structure, and a deep understanding of complex advisory markets, Sturgeon stands out as one of the UK’s most established FCA-authorised regulatory-hosting firms. For boutique firms seeking a fast, compliant, and pragmatic route to market, Sturgeon is a natural fit.

An Appointed Representative in corporate finance operates under the regulatory umbrella of a directly authorised Principal firm. This lets specialist boutiques carry out regulated activities without obtaining direct FCA authorisation, dramatically cutting the time and cost needed to become operational. Once an AR partners with a Principal, the Principal assumes regulatory responsibility for the AR’s agreed activities, oversees ongoing compliance, and ensures individuals meet FCA approval standards. For many advisers, the AR model delivers rapid market entry, lower upfront expenditure, and a streamlined compliance environment.

At the centre of Sturgeon’s appeal is founder Seonaid Mackenzie, a long-standing member of the ICAEW Corporate Finance Faculty. With decades of experience across corporate finance, being the pioneer of regulatory incubation, and with many years of delivering corporate governance frameworks and oversight, Seonaid and her team provide AR firms with access to seasoned, real-world guidance on both regulatory and transactional challenges. Seonaid’s professional standing reflects Sturgeon’s ability to structure, supervise, and support even the most complex advisory and arranging activities.

Sturgeon’s independence sets it apart. As a privately owned, independently managed firm with no private-equity backing, Sturgeon delivers a relationship-driven, hands-on support model that resonates strongly with boutique firms. This independence gives Sturgeon the flexibility to tailor compliance oversight, operational support, and training to the specific needs of each AR.

Its market reputation is backed by a powerful track record. Since inception, Sturgeon has incubated more than 100 AR firms and hundreds of individual practitioners as Approved Persons, many of whom have grown into established names within corporate finance, fundraising, and institutional advisory markets — all supported by Sturgeon’s robust compliance framework and supervisory expertise.

Corporate finance sits close to the boundary between regulated and unregulated activity in the UK. When a firm raises new capital, such as issuing new shares, then introducing the company to potential investors is considered Making Arrangements with a View to Transactions in Investments. The same classification applies when selling an existing stake, where shares are transferred from one owner to another.

Buying or selling an entire company is usually exempt under the Sale of a Body Corporate exemption. This applies to share transactions (excluding OEICs) where:

1. The buyer acquires 50%+ voting rights and both parties are companies, partnerships, individuals, or connected persons; or
2. The buyer effectively gains day-to-day control.
   This exemption typically covers share sales and management buyouts. Professional firms may also rely on exclusions when the activity is incidental and not separately paid for.

Corporate finance boutiques typically operate across a wide spectrum of regulated activities as detailed in The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. From the core permission of arranging deals in investments (Article 25), dealing in investments as principal (Article 14) or agent (Article  21), to giving investment-related advice (Article 53), Sturgeon supports ARs in determining the right permissions.

When selecting a Principal for an Appointed Representative relationship, it is essential that the Principal has permission to Arrange for retail clients.  In these engagements, the client is the company being advised. Potential investors are treated as corporate finance contacts who are only clients for financial promotion purposes**.  UK companies are typically classified as small, medium, or large enterprises. Small and medium enterprises (SMEs) follow the FCA’s definition set out here.

As regulatory expectations tighten around governance, communication standards, and client categorisation, the AR model offers an increasingly attractive route for specialist firms. With its blend of regulatory depth, tailored oversight, and long-standing reputation in the corporate finance sector, Sturgeon Ventures continues to be the go-to destination for boutiques aiming to operate under AR status while scaling their advisory capabilities.

**Recent article on Corporate Finance Contacts: https://www.fca.org.uk/publications/multi-firm-reviews/multi-firm-review-client-categorisation-corporate-finance-firms-high-level-observations

These are stories of people who have used our framework, Patricia Reynolds a great example of a woman in CF leading her own boutique https://sturgeonventures.com/sturgeon-stories/