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A comprehensive round-up of the latest business news covering all sectors within the Isle of Man’s diverse and dynamic business environment. CANNACORD GENUITY GROUP ACQUIRES THOMAS MILLER WEALTH MANAGEMENT ‘Acquisition expands UK and Isle of Man coverage and contributes to additional growth in client assets, further increasing contributions from the Company’s wealth management operations’ C anaccord Genuity Group Inc. has announced that through its UK & Europe based wealth management business, Canaccord Genuity Wealth Management has entered into a share purchase agreement to acquire Thomas Miller Wealth Management Limited and an asset purchase agreement to acquire the private client investment management business of Thomas Miller Investment (Isle of Man) Limited. TMWML is an integrated wealth manager headquartered in London and provides financial planning and investment management services to private clients, trusts, charities and corporates in the UK. Services are centred on a model of professionalism and trust, which has resulted in strong client loyalty and steady growth of inflows and assets over a five-year period. Client assets of TMWML and the private client investment management business in the Isle of Man total approximately £1.0 billion and together generated revenue of approximately £8.4 million for the year ended December 31, 2018. The acquisition is welcomed by Thomas Miller Investment given the similarities in specialist investment and independent financial planning offerings and the dedication to best-in-class client services shared by the two businesses. “The addition of Thomas Miller Investment’s private client business supports our long-term strategic ambition of expanding our footprint, whilst enhancing our financial planning business to ensure a truly client-centric offering that is essential for the future generational planning needs of our growing client base,” said David Esfandi, Chief Executive Offi cer of CGWM (UK). “With a modern and scalable platform, we have a proven track record of integrating businesses and client assets and we are deeply committed to ensuring that the business and clients of Thomas Miller Investment will have a successful future with CGWM (UK).” Hugh Titcomb, Chief Executive Offi cer of Thomas Miller Investment told B365: “We are very proud of how the Thomas Miller Investment private client activities have developed over the past few years. We believe the transfer of the business to Canaccord Genuity Wealth Management provides an exciting opportunity to continue this development for the benefit of our clients and staff, supported by the significant resources and commitment provided by the Company. Completing this transaction will allow Thomas Miller Investment to focus on its core institutional investment management activities.” MANX TELECOM TO ACQUIRE SYNAPSE360 IN DEAL WHICH WILL STRENGTHEN THE ISLAND’S IT AND TELECOMS SECTOR Manx Telecom is to buy Synapse360, an IT infrastructure and managed services provider, which operates in both the Isle of Man and the UK.  I t’s anticipated that the move which brings together the Isle of Man’s leading telecoms provider and the Island’s leading B2B managed services provider will enhance the choice available to Island-based customers, and also further boost the Island’s reputation as a centre of excellence for IT, telecoms and Cloud-based services, making it even more attractive to inward investors. Synapse360, which is privately owned, was established in 1999 and currently employs just under 40 staff based in Douglas and Manchester. The company will continue to operate under the Synapse360 brand and under the direction of its existing management team, including founding Managing Director, Colin Sheard.  Commenting on the acquisition, Gary Lamb, Manx Telecom CEO, told B365: “This acquisition makes sense from every angle. The ‘fit’ between both companies is an excellent one, each having complementary skills and expertise, plus a shared vision of the future. It also comes at the right time as we both look for continued growth in the fast-developing B2B managed services sector in the UK and on the Isle of Man. Synapse360 specialises in IT-oriented managed and Cloud based services and this, when allied to Manx Telecom’s considerable capabilities in traditional telecommunications, data centre operations and network-oriented managed services, will perfectly position both companies to take advantage of areas of undoubted growth for the future.”  While Synapse360 will continue to operate as an independent company, it’s anticipated that, where appropriate, the two companies will share skills and expertise in order to strengthen each other’s offering in crucial areas of potential growth for both businesses. Responding, Synapse360 Managing Director, Colin Sheard, said: “I’m delighted that Synapse360 is joining the wider Manx Telecom group. Since its foundation some 20 years ago Synapse360 has grown organically, gradually adding to our skills and expertise and growing our customer base, and I’m convinced that this is the natural and very positive next stage in our development. Manx Telecom’s ownership will underpin our ability to provide our current range of products and services, and in the long run the backing of a larger entity such as Manx Telecom will provide capital and other resources which will enable Synapse360 to widen its products and services portfolio, giving our customers both on the Island and in the UK even more choice.” | 5