View more on these topics

Harwood Wealth floats on Aim for £45m

Stockmarket-Stock-Market-FTSE-Performance-700x450.jpg

UK financial planning and discretionary fund management firm Harwood Wealth has been admitted to the Alternative Investment Market for £45m.

Broker N+1 Singer raised £13.5m in an over-subscribed fundraising, of which £10m was raised as new equity for the wealth manager.

Harwood Wealth says most of the proceeds will be used to fund further acquisitions and for small infrastructure costs.

Harwood Wealth founder and joint chief executive Neil Dunkley says: “The board is delighted to have successfully completed the IPO and raised funds to facilitate the next stage of the company’s development through further acquisitions.

“The UK wealth management industry is undergoing a number of changes that have made it very fragmented providing us with an attractive marketplace for consolidation. We look forward to providing our new shareholders with further updates as we achieve further growth.”

The placing price was set at 81p with net proceeds receivable by the firm at £8.7m.

Harwood Wealth has assets under influence of £1.25bn.

Recommended

Simon-Chamberlain-at-a-roundtable-discussion-700.png

Succession granted DFM permissions as Paul McMahon joins board

Advice sector consolidation firm Succession has been handed its discretionary fund management permissions from the FCA. The business has also recruited Axa Elevate founder and former FNZ chief executive Paul McMahon to its board as non-executive director. Succession chief executive Simon Chamberlain says the firm is now “completely independent of all product providers, fund managers […]

Stock-Stockmarket-FTSE-Index700x450.jpg

Advice firm and DFM to float on Aim

Financial planning firm and discretionary fund manager Harwood Wealth is to apply for admission to the Alternative Investment Market. It has raised £13.5m ahead of the planned flotation, which will be used to fund acquisitions and infrastructure costs. Harwood Wealth has completed 40 acquisition or share deals so far, including Meon Valley Financial Planning and […]

Business-General-Handshake-Hire-Appointment-700x450.jpg

London & Capital sells DFM business to Momentum

London & Capital has sold its £200m DFM business to Momentum, transferring its 15 model portfolios. Momentum has acquired the Adviser Solutions business from L&C, and will take over management of its model portfolio range. The move will see L&C’s Adviser Solutions unit sit within the Momentum Global Investment Management business, and will include the manager’s existing Factor Series […]

AFH Alan Hudson 700

AFH abandons Lighthouse takeover deal

IFA consolidator AFH Financial Group has pulled out of a potential deal to buy advice network Lighthouse Group saying it is “disappointed” by Lighthouse’s approach to the bid. In a scathing statement published today, AFH sys it does not now intend to make an offer for Lighthouse, after Lighthouse rejected a £17.4m takeover bid last […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment