London, United Kingdom, March 06, 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, would like to announce that today, its wholly owned subsidiary, Cheshire Trafford (UK) Limited, entered into a long term contractual agreement with Global Alternative Administration S.L. (“GAA”) in order to allow the company to become an “Introducer Appointed Representative” of new business to our subsidiary in the United Kingdom.
Over the years, Global Alternative Administration, a Spanish Limited Company, has generated significant amounts of new business but is not licensed to give any form of regulated Financial Advice. Our subsidiary, Cheshire Trafford, is fully licensed by the UK FCA to give such regulated Financial Advice.
This newly formed business relationship will commence immediately and will result in expanding the capability of the Cheshire Trafford office in Yorkshire. This agreement with Global Alternative Administration contemplates an influx of circa 24,000,000 GBP (approximately US$31,600,000) of new Funds under Administration for our Company over the coming 12 months. The basic terms of the executed agreement are that Cheshire Trafford will earn a one-off fee of 1,200 GBP (approximately US$1,585) per client introduced and thereafter a split of the initial commission fees and also a split of the trail commission fees (1% per of the Funds under Administration) generated.
Nick Tuke, Director of Cheshire Trafford (UK) Limited, said: “This is the second contractual agreement that we have entered into in order to expand the services of Cheshire Trafford but will certainly be the first to start to produce a torrent of new business. We are working with Global Alternative Administration, also known as ‘The Pension Admin Team’, this week to ensure we are all aware of the procedures, the processing and all of the operational duties in order to make this a successful business relationship. The new business flow will enhance the profitability of Cheshire Trafford significantly and, of course, its Funds under Administration. The relationship also provides a wonderful template for similar companies that we are currently talking to in a similar way.”
Enzo Taddei, Director of Argentum 47, Inc., said: “When we acquired Cheshire Trafford back in August of 2018, we knew that we would have a lot of work ahead of us in order to set up new procedures and get the team thinking, acting and reacting in accordance to our business model. We were somewhat fixated on the idea of acquiring as many of Independent Financial Advisory firms as possible but then we realised that we had bought a Company with extremely valuable licenses and also a lot of potential for organic growth. By entering into these Appointed Representative (AR) and Introducer Appointed Representative (IAR) agreements like the one we announced in Q4 2018 regarding Aurum Wealth Management and this new one with Global Alternative Administration, we have found a way to grow Cheshire Trafford’s Funds under Administration exponentially at practically zero cost and without the need of the arduous financial statement audits that, as we all know, take forever to get done. With that said, we are still contemplating further acquisitions in the United Kingdom and also in South East Asia.”
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 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.
Mr. Nick Tuke
Director of Cheshire Trafford (UK) Limited
Tel. + (44) 1482 891 591
Mr. Enzo Taddei
Director and CFO of Argentum 47, Inc.
Tel. + (1) 321 200 0142