Acquisitions will play part in Iimia growth
Buying Exeter and sorting an Alternative Investment Market listing will leave the new Iimia Investment Group with a cash pile, some £11m of which is available for potential acquisitions says Michael Phillips, Iimia chief executive.
Phillips is currently doing the rounds of institutional and major private investors ahead of the AIM listing, set to take place by 11 August, assuming a shareholder vote goes in favour of the deal on 2 August.
There will be four parts to the bigger group: financial planning, investment management, fund management and third party administration.
Of these, financial planning and investment management are most likely to grow through acquisitions, Phillips says.
A lot of focus has been on the six Exeter closed ended funds being folded into IIG, particularly in light of ongoing FSA investigations into split capital investment trusts.
Phillips says is not something that Iimia has gone steaming into without doing its homework.
”We are not taking a punt in the dark on this,” he says.
Other changes expected include office expansion into other regions.
Key areas may include the Southeast and areas closer to the existing Iimia/Exeter base in the South and Southwest, although Phillips has not further details on this at present.
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