Dubai, UAE, Sept. 06, 2018 (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, Corporate Consultancy and Human Resources, with offices located in Dubai and the United Kingdom, is extremely excited to announce that its recently acquired subsidiary Cheshire Trafford (UK) Limited (http://www.cheshire-trafford.co.uk/) has executed a legally binding letter of intent to appoint Aurum Wealth Management Limited (http://www.aurum-wealth-management.co.uk/), a United Kingdom based financial advisory firm, as an Appointed Representative of the Company.
On August 1, 2018, Argentum 47, Inc. announced the acquisition of a financial advisory firm, located in the North East of the United Kingdom, called Cheshire Trafford (UK) Limited, a company with over 700 clients and circa US$38,750,000 under administration. This first acquisition is part of an inorganic growth plan with various other financial advisory firms in the United Kingdom and in South East Asia currently being worked on in order to be acquired in the near future.
SEC Form 8-k filing:
The appointed representative agreement will have to be formally approved by the UK FCA (which should not take long) and will mean that Aurum Wealth Management and its Registered Individuals will place all of their business through Cheshire Trafford (UK) Limited in return for a split of the fees and the commission income due upon sales. Aurum Wealth Management intends to have least 15 Registered Individuals around the UK, hence the Appointed Representative agreement will expand the geographical reach of Cheshire Trafford beyond the initial expectations.
Cheshire Trafford expects to increase the total funds under administration by at least 100% over the next 12 months this meaning US$3,000,000 to US$5,000,000 of new business written per month.
Peter Smith, CEO of Argentum 47, Inc., said: “This is a monumental move for our business so soon into the ownership of Cheshire Trafford. We have been talking to the management team of Aurum Wealth Management for a few months now, prior to closing on the acquisition of Cheshire Trafford. The expectation of the relationship is significant, we will be providing the platform, systems and administration for Aurum Wealth Management in return for an initial commission on sales done and a 50/50 split on all trail fees earned (monthly recurring revenue earned). We can realistically expect to see Cheshire Trafford double in size over the next 12 months with some very achievable numbers being presented by Aurum Wealth Management and their team. It’s totally a landmark move for our company and one we are very excited about. It’s not every day you get the possibility to add tens of millions to your book without incurring any acquisition costs”.
Karen Wigg, Director of Aurum Wealth Management Limited, said: “We are delighted to form this relationship with the team at Cheshire Traffor;, we have a strong expansion plan in the United Kingdom and have been seeking the right partner to help us with this growth. In the team at Argentum 47, we feel we have the ideal partner to help us grow our business under the Cheshire Trafford banner and have immediately seen the benefits of this association. We anticipate starting to process business towards the end of September with the ground work already in place for strong fourth quarter of 2018.”
About Argentum 47, Inc. and Subsidiaries:
Argentum 47, Inc. (“Argentum”) is a full service Financial Intermediary, Corporate Consultancy, Retails and Corporate Financial Services and Human Resources 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 Dubai and he United Kingdom, Argentum has developed significant relationships in the US, UK, 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 centres of the world, they are able to introduce their clients to the right financial partner without geographical constraints.
Safe Harbour 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.