Business
Acquisition of Edgewater Asso
Acquisition of Edgewater Asso.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 3489Q Manx Financial Group PLC 02 August 2010 \n \n\nFOR IMMEDIATE RELEASE 2 August 2010\n \n \nManx Financial Group PLC (the 'Group')\n \nAcquisition of Edgewater Associates Limited \n \nManx Financial Group PLC announces that it has acquired the entire share capital of Edgewater Associates Limited (http://www.edgewater.co.im), one of the Isle of Man's preeminent Independent Financial Advisors with over 14 years experience in the Isle of Man market. Edgewater Associates Limited (\"Edgewater\") is regulated by both the Financial Services Commission and the Insurance and Pensions Authority.\n \nThe transaction develops the Group's strategy by diversifying earnings beyond lending, growing competence in the \"Wealth\" market and continues the focus on the Isle of Man.\n \nEdgewater has an established personal and commercial client base of over 5,000 accounts, and employs 15 staff. Edgewater offers a mix of wealth management, general insurance and life insurance advice and are at the forefront of the move from commission to fee based remuneration.\n \nThe acquisition offers extensive opportunities for earnings growth to both parties. Edgewater will immediately take responsibility for Conister Wealth. This will provide Edgewater with an opportunity to make available wealth management and ancillary services to her sister subsidiary's customers, Conister Bank Limited, and to offer Conister Bank savings and loan products to the Edgewater client base.\n \nFor the year ended 31 December 2009, Edgewater reported an audited consolidated income on ordinary activities before dividend of £361,543 on turnover of £996,722 and had at that date net assets of £264,689. \n \nEdgewater will continue to be managed by its current executive: David Hathersich-Jones as Executive Chairman and Stephen Locking as Managing Director.\n \nConsideration for the acquisition is £2 million, payable a...