View more on these topics

Arc Fund Management holdings buys Throgmorton

Arc Fund Management has purchased independent financial advisory firm Throgmorton Asset Management in a potential £1.605m deal.

The acquisition will mark the first step in the development of Arc’s wealth management division.

TAM has approximately £150m of fund assets under advice having earned some £210,000 on turnover of £1.57m for 2006. The purchase will see Arc’s funds under management grow to £275m, more than double its previous size.

Arc has paid an initial £1.2m for the Leicester-based firm, which has a number of offices across the UK, while a further £450,000 will come through the issue of 3,000,000 new Ordinary Shares valued at 0.5p to be paid subject to TAM reaching its performance targets up to December 2008, amounting to a total of £1.1m.

Arc has also issued a further 6,000,000 Ordinary Shares to be held in a trust subject to the same performance guidelines. Application will be made to the London Stock Exchange for the 9,000,000 Ordinary Shares to be admitted to trading on AIM, and trading is expected to commence on 7 September 2007.

One of TAM’s directors will also be appointed to the Board of Arc as part of the deal.

Arc Fund Management chief executive office Christopher Rowe says: “This acquisition lays the foundations of Arc’s wealth management division. The establishment of this division is a significant step in the development of the Group and we will go on to grow it both organically and by acquisition.

For the Group, the purchase of TAM is earnings enhancing and improves the quality of our earnings and increases funds under management.

In addition, our existing client base will have access to a wider range of services as well as Arc’s range of investment products becoming available to TAM’s clients.”

Recommended

Royal Liver set for multi-manager

Royal Liver will introduce a range of multi-manager investment funds in early 2008 as part of its modernisation strategy.

Is real-time pricing around the corner?

Association of British Insurers head of protection Nick Kirwan believes it is. He says the protection industry, which has recently been repricing at a feverish rate, will skip daily pricing moving straight to real-time, interactive pricing.

Kensington to re-price and tighten criteria on adverse range next week

Kensington has confirmed it will be re-pricing and changing its criteria for its adverse range but will announce the exact details next week.The lender says its adverse range will be re-priced and its criteria changed on September 7 and has sent an email around to brokers in order to give them a week’s notice.Kensington has […]

Tax allowances and exemptions

Helen O’Hagan, Technical Manager at Prudential, looks into the planning strategies that can deliver considerable tax savings for your clients. Inheritance tax (IHT) Consider Margaret, featured on our Planning Matters family hub, who is a sprightly eighty year old with four children and several grandchildren. She’s recently been widowed and IHT planning is high on […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment