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.”
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