Arc Fund Management, the AIM listed asset manager, has bought financial advisory company Throgmorton Asset Management (TAM) for a sum in the region of £2.7m.
This includes an initial amount of around £1.61m including £1.2m cash and £405,000 in shares. A deferred amount up to £1.11m is payable subject to certain performance targets being met by TAM before December 2008. Arc says the acquisition will help in the development of its wealth management division and will grow its funds under management to £275m. TAM has estimated funds under advice of £150m and its normalised earnings for the year to 31 December 2006 amounted to £210,000 on turnover of £1.57m with net assets of £168,250. It is intended that, following the acquisition, one of the ...
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