London, UK, Feb. 03, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --Argentum 47, Inc. (www.arg47.com) (ARGQ) and its fully-owned foreign subsidiaries, a specialist in both Retail and Corporate Financial Services and Corporate Consultancy, with offices located the United Kingdom, today would like to announce that the Board of Directors has appointed a new Chief Executive Officer.
On February 1, 2020, Mr. Peter J. Smith stepped down as the Company’s Chief Executive Officer. The Board of Directors voted favourably to employ Mr. Nicholas P. Tuke as the Company’s new Chief Executive Officer. The Board of Directors also agreed that Mr. Peter J. Smith will continue in his role as a member of the Board of Directors along with Mr. Enzo Taddei, who will also continue as the Company’s Chief Financial Officer.
Mr. Smith’s decision to step down as CEO was purely motivated in order to allow him to concentrate 100% of his time on the growth by acquisition strategy that the Company implemented in 2018 and to hand over the financial services business to Mr. Tuke, who has extensive and proven experience in that field.
Alongside his new role as CEO of Argentum 47, Inc., Mr. Tuke will continue in his role as Managing Director of the Company’s wholly owned United Kingdom subsidiary, Cheshire Trafford (UK) Limited, a Independent Financial Advisory Firm that currently has circa of U.S.$51 million Dollars of Funds Under Management / Administration.
The first executive decision that Mr. Tuke made as the Company’s new CEO was to employ Mr. Kenneth Kennison under the Cheshire Trafford (UK) Limited banner. Mr. Kennison, the Company’s new lead Independent Financial Adviser, has been tasked to organically grow the funds under administration of the company and brings vast experience, know-how and knowledge to the Cheshire Trafford team.
For various months now, as managing director of Cheshire Trafford (UK) Limited, Mr. Tuke has been heavily involved in the due diligence and compliance process of an Independent Financial Advisory (IFA) firm based in the City of London (United Kingdom). This targeted IFA business currently has 136 Million GBP (approximately U.S. $179 Million) of Funds Under Administration and historical recurring revenues of a little more than One Million GBP (approximately U.S. $1.32 million). This IFA firm has now become the Company’s most interesting business proposal and target acquisition since management implemented the inorganic growth plan in 2018.
Mr. Nick Tuke, CEO of Argentum 47, Inc., said: “Following a ground up review of the Cheshire Trafford business model in 2019, we have completely restructured and streamlined the business and its processes. I firmly believe that as a result of this Cheshire Trafford heads into 2020 in a stronger position than it has been for many years. Key to this has been the recruitment of two high quality and highly qualified Independent Financial Advisers, Mr. Declan Harrington (recruited in 2019) and Mr. Kenneth Kennison, both of whom bring a wealth of experience to the company. Taking this into consideration I fully expect the Funds Under Administration at Cheshire Trafford to grow by at least 20% between now and the end of Q2 2020, with this growth to continue in an upwards trend throughout the year, heralding an exciting new chapter in Cheshire Trafford’s 44-year history. As the Company´s new CEO, I will continue to work closely with Mr. Peter Smith and Mr. Enzo Taddei regarding further acquisitions, with the first of these being the firm based in the City of London. I have agreed with the Board of Directors a particularly robust due diligence and compliance review process for this and all other future acquisitions hence only when these have been carried out to my satisfaction, will we be entering into any formal written agreements. We are entering an incredibly exciting period for the Company and I am looking forward, over the coming months and years, to growing our existing business and building on the solid foundations that we now have put in place.”
Mr. Peter Smith, outgoing CEO and current Director of Argentum 47, Inc., said: “Since we changed the direction of the business away from the IPO world to the more stable income producing Financial Advisory platform, Mr. Tuke has become integral to all we do. Having worked with him previously, I know that his experience and knowledge of the IFA market is second to none and therefore it is the right decision to put the Company in his capable hands, thus allowing me to continue to seek out further financing and further potential acquisitions. The acquisition trail is an arduous one at times with a vast number of potential targets falling by the wayside after careful scrutiny; this move means that I can continue to dig around these potential targets with the knowledge that the Company is in the best possible hands and is being guided in its growth by someone who shares the ambition, drive and determination of the rest of the Board of Directors and someone who will accelerate the growth of the company in 2020 and beyond.”
About Argentum 47, Inc. and Subsidiaries.
Argentum 47, Inc. (“Argentum”) is a full service Financial Intermediary, Corporate Consultancy, Retail and Corporate Financial Services Company. Through its wholly-owned foreign subsidiaries, it advises both business and retail customers with their most critical decisions and opportunities pertaining to growth, capital needs, structure and the development of their financial plans. With offices in the United Kingdom, Argentum has developed significant relationships in the U.S., U.K., Central Europe, the Middle East and South East Asia to assist clients in realizing their full value and potential. Bringing business to external capital and resources, and retail customers to a suite of secure effective financial solutions. Furthermore, as Argentum has offices in key financial centers of the world, they are able to introduce their clients to the right financial partner without geographical constraints.
About Nicholas Paul Tuke.
Mr. Nicholas Paul Tuke has more than 30 years’ experience within the financial services industry, both in retail and institutional sales. He started his career 1986 as an assistant Gilt broker for Charles Fulton I.D.B. in London, England. In 1991, Nicholas moved into the retail financial services arena and was employed by the Woolwich Building Society, offering personal financial advice to individual clients, specifically regarding their investment portfolios. During this time, he studied and passed the Financial Planning Certificate and became an associate of the Charted Institute of Bankers. In 1997, Nicholas had the opportunity to join an international financial services company, Belgravia Group International, as an International Investment Broker, working in South America offering holistic and tax efficient financial solutions to expatriate clients, and in 2001 he became the director for all of Latin America and the Caribbean within that company, managing a team of more than 15 brokers across the region. Returning to the United Kingdom in 2005, Nicholas joined Royal Bank of Scotland Group as a Senior Financial Planning Manager and was tasked with looking after the Bank’s client’s savings and investments portfolios. As well as this role, he also acted as an area sales manager when required. From 2013 to 2018, Nicholas setup his own private consultancy practice and worked with various financial services companies helping these firms within the motor industry to develop their finance and insurance propositions. In September 2018, Nicholas was appointed as Managing Director of Cheshire Trafford (UK) Limited, a fully owned subsidiary of Argentum 47 Financial Management Limited.
About Kenneth Kennison.
Mr. Kenneth Kennison has worked in the financial services industry for over 30 years. Kenneth started his career at SG Warburgs in 1989 as a Eurobond trader before being headhunted to Nomura International to join the Government Bond trading team on the London International Financial Futures Exchange - LIFFE. Kenneth was a pioneer in the emerging Contracts for Difference (CFD) market and traded from 2000 to 2010 before joining a large diversified systematic FX hedge fund where he was Head of Trading. Kenneth is a Level 4 qualified Independent Financial Adviser, holding a Diploma in Financial Advice (DipFA) and brings to Cheshire Trafford (UK) Limited a wealth of knowledge and experience to support and service their clients.
Safe Harbor Statement.
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management’s own knowledge and assessment of the Company’s industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The company assumes no duty to update its forward-looking statements.
Mr. Nicholas P. Tuke
CEO of Argentum 47, Inc. & Managing Director of Cheshire Trafford (UK) Limited
Tel. + (44) 1482 289 591
Mr. Peter J. Smith
Director of Argentum 47, Inc.