LONDON, United Kingdom, May 23, 2019 (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 its wholly owned subsidiary, Cheshire Trafford (UK) Limited, has recently increased its Funds under Administration by 4,300,000 GBP (approximately $5,450,000 at today’s exchange rate).
On August 1, 2018, the Company acquired Cheshire Trafford (UK) Limited (www.ctifa.com), an Independent Financial Advisory firm that administrated circa $39,000,000. The increase in Funds under Administration announced today represents an uplift of nearly 14% which is a major milestone in Management’s plans to endeavor to organically double Cheshire Trafford’s Funds under Administration before the end of the year 2019.
The Company would also like to announce that yesterday, Cheshire Trafford retained the services of a new and extremely experienced Independent Financial Advisor (IFA), Mr. Declan Iain Harrington (https://register.fca.org.uk/ShPo_individualdetailsPage?id=003b000000LUf2eAAD). This new advisor was retained mainly to advise and service the influx of pension transfers that are now coming from the “Pension Admin Team” (http://www.pensionadminteam.co.uk/), a company that recently executed a Introducer Appointed Rep (IAR) agreement with Cheshire Trafford. Since entering into the agreement, the “Pension Admin Team” has already provided the Company with approximately $500,000 of pension transfer business to be serviced and this figure is now growing daily.
The Company would like to announce that it is in the process of implementing a new 3% plus 1% model for all new business that Cheshire Trafford writes. The 3% representing the initial financial advisory fees and the 1% representing the ongoing trail commissions to be received from the new Funds under Administration.
Finally, the Company is also in the process of slowly moving the recurring / trail commissions on the now approximately $44,450,000 of Funds under Administration to the 1% model as it is very much an industry standard.
Mr. Nick Tuke, Managing Director of Cheshire Trafford (UK) Limited, said: “Mr. Harrington represents a perfect combination of experience, ambition and professionalism. We are extremely happy that he has decided to join the Cheshire Trafford team. With regards to the massive uplift of new Funds under Administration, I can only say that we are all ecstatic as this is a big stepping stone, and in the right direction, for the Company. We are slowly but surely molding a good template to be able to use it for the organic growth of future acquisitions.”
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.
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.