LONDON, United Kingdom, Feb. 20, 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 in Dubai and the United Kingdom, today would like to announce that its wholly owned subsidiary, Cheshire Trafford (UK) Limited, has executed a legally binding Letter of Intent with Global Alternative Administration S.L. (“GAA”) in order to allow the company to become an “Introducer Appointed Representative” of new business to Cheshire Trafford (UK) Limited. This legally binding Letter of Intent will go to contract sometime in the next two weeks once the pertinent permissions are granted by the relevant regulatory body.
Global Alternative Administration S.L. is a Spanish Limited company that generates a significant amount of new business by providing a review of an individual´s personal retirement and savings plans to ascertain if they are being effectively managed. In certain cases that review ultimately leads to the requirement of “Regulated Financial Advice”. GGA themselves are not authorized to give financial advice in any way and therefore Cheshire Trafford will be the exclusive company providing this Regulated Financial Advice. Cheshire Trafford, as a product of this Introducer Appointed Representative status granted to GAA, will receive a fee per case advised on and also on-going initial and trail commissions for the duration of the individual contracts and policies should the prospective client act upon the financial advice given by Cheshire Trafford.
GAA currently generates circa 2,000,000 GBP (approximately $2,700,000 US Dollars) of new client recommendations leading to investment (Funds under Administration) per month for the Financial Advisors they work with. Cheshire Trafford will work with GAA to consolidate on this figure and build it further over time with a deeper service offering to the clients themselves.
The relationship is a “win-win” for both companies with GAA now having access to a fully licensed operational team with extensive back-office support and with Cheshire Trafford having another Introducer of New Business without having to incur in the cost of salaries and other fixed costs that would come with the direct employment of such a team.
Peter J. Smith, CEO of Argentum 47, Inc., said: “We have been working on developing Cheshire Trafford as much as possible to leverage the facility and licenses we own and to maximize the return for our shareholders, but to also put Cheshire Trafford on the map by providing the best financial advice there is with licensed advisors and a quality reputation. Our AR with Aurum Wealth Management is now shaping up nicely with the first business being transacted this month. Our conversations with Elliot Kenny, a director of Global Alternative Administration, dovetailed perfectly with our ambition for Cheshire Trafford; we anticipate around US$2.5 to US$3 million of new business each and every month from this new relationship hence we are delighted to bring Global Alternative Administration into the team at Cheshire Trafford. We are aware that we have recently been very quiet with our news flow of late but deals of this size do take time to finesse and complete; happily now we are over the line and we have already started setting up compliance and administrational support for the in-flows of new business. Finally, we are in talks with a number of other significant business partners for Cheshire Trafford that will help to continue to significantly grow the current the business and thus its recurring and non-recurring revenues.”
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 Dubai and he 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.
Mr. Peter J. Smith
Director and CEO of Argentum 47, Inc.
Tel. + (1) 321 200 0142