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Arc acquires investment business

Arc Fund Management Holdings has added to its business offering with the acquisition of Independent Investment Associates (IIA) Limited for some £2.1m.

Arc now has some £410m of funds under management.

Arc finance director John Gracey says: ““This acquisition is another step forward in the growth of Arc’s wealth management division which was established through the acquisition of Throgmorton Asset Management in the last quarter of 2007. It is our intention to increase our coverage of the UK during 2008 through further acquisitions.

For the Group, the purchase of IIA is earnings enhancing, improves the quality of our earnings and significantly increases funds under advice to £410m”.

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