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Moneygate plans expansion after capital boost

Moneygate Group is looking to grow its IFA network from 75 to 750 advisers over four years after securing a significant capital injection from MGT Capital Investments UK.

The undisclosed sum will provide Moneygate with a “substantial facility” for growth and acquisitions projects and funds to expand its core business. 

Parent company MGT Capital Investments Inc. is a US technology holding company that focuses on investments in the global healthcare and information technology market.

The Moneygate Group restructured in 2008, refocusing its activities into the IFA sector and closing its dedicated mortgage channel.  

It was tipped as a front-runner to acquire troubled network Alpha to Omega earlier this year but a deal collapsed with administrator Benedict Mackenzie in February.

Moneygate CEO Lee Hartley says: “The MGT deal was planned over a six month period and represents a catalyst that accelerates our expansion across 2010 and through the implementation of RDR.” 

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