View more on these topics

Mam Funds appoints Gervais Williams and plans to raise £20m

Mam Funds is looking to raise up to £20m new equity and has strengthened its existing management team with the appointment of Gervais Williams as managing director.

Williams spent 17 years with Gartmore, where as head of UK small companies, he was responsible for managing £900m of assets under management.

Mam has also appointed Ian Dighé as executive chairman and Graham Hooper as distribution director. Hooper is currently a non-executive director of Liontrust but would expect to resign from this board on joining the Mam Funds board.

Meanwhile, Colin Rutherford will step down from the board of Mam Funds. Adrian Collins will also resign from the board on completion and a new independent director will be appointed in due course.

The extended strategy is expected to build on the existing platform together with a broadened product offering and strengthened marketing capability. The group aims to take advantage of opportunities presented by the Financial Services Authority’s retail distribution review, capitalise on Britain’s demographic shifts and develop strategies to distribute through new entrants.

It therefore plans to raise up to £20m of new equity through a placing of ordinary shares at 33p per share. The placing proceeds will be applied to redeem all the existing preference shares issued by the company together with accrued interest. It will be used to repay all outstanding bank debt and provide additional working capital.  Of the total amount of £20m, the new management team expect to invest £3m from their own personal resources. 

The plans are subject to finalisation, shareholder approval, consent of Lloyds Banking Group, regulatory consents and completion of fundraising.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com