Proactiveinvestors United Kingdom Kingswood Holdings Limited https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Kingswood Holdings Limited RSS feed en Sat, 15 Jun 2019 22:19:11 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Rob Suss appointed to Kingswood Board ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190610070005_14104023/ Mon, 10 Jun 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190610070005_14104023/ <![CDATA[RNS press release - Kingswood goes global with first US partnership ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190528070010_14088065/ Tue, 28 May 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190528070010_14088065/ <![CDATA[RNS press release - Long Term Incentive Plan Awards ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190509125555_14068515/ Thu, 09 May 2019 12:55:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190509125555_14068515/ <![CDATA[RNS press release - Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190508174515_14067184/ Wed, 08 May 2019 17:45:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190508174515_14067184/ <![CDATA[RNS press release - Directorate change ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190508083242_14066172/ Wed, 08 May 2019 08:32:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190508083242_14066172/ <![CDATA[RNS press release - Director Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190502070005_14060229/ Thu, 02 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190502070005_14060229/ <![CDATA[RNS press release - Conversion Notice and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190501070004_14058381/ Wed, 01 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190501070004_14058381/ <![CDATA[RNS press release - Director shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190430070019_14056368/ Tue, 30 Apr 2019 07:00:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190430070019_14056368/ <![CDATA[News - Kingswood Holdings expects 'sustained earnings growth' after major overhaul ]]> https://www.proactiveinvestors.co.uk/companies/news/219054/kingswood-holdings-expects--sustained-earnings-growth--after-major-overhaul-219054.html Kingswood Holdings Ltd (LON:KWG), formerly known as European Wealth Group, is a wealth management and financial planning services business.

Its services include stockbroking, investment advice, corporate pension advisory, tax planning, employee benefits, shareholder protection and treasury management.

The investment management division has three trading subsidiaries – European Investment Management Limited, European Wealth Trading Limited and European Wealth (Switzerland) SA.

The financial planning division includes European Financial Planning Limited.

What it owns:

Kingswood owns Marchant McKechnie Independent Financial Advisers Ltd, which provides pensions, investments, and tax planning services. It bought the business for £4mln late last year.

In February, Kingwood acquired financial advisory firm Thomas & Co Financial Services for up to £3.3mln Based in Abingdon, Thomas & Co has around 500 clients and £150mln of assets under advice.

Inflection points: Kingswood has a new management team in place to implement the group’s three-year growth strategy. Gary Wilder took over as group chief executive at the beginning of the year and Patrick Goulding joined as group chief financial officer and head of the operating platform.The group said its new strategy has “solidified a number of strategic initiatives” designed to enhance client yield and stimulate growth Kingswood believes its core wealth planning and investment management platform is in a position to deliver "sustained earnings growth" after a "period of significant change" Following its name change last September, Kingswood launched a new website in mid-April. The company has set its sights on US expansion and growing investment distribution channels for its products. It has appointed Najib Canaan as the chief executive of the US division to oversee the expansion. Kingswood is continuing to pursue targeted acquisitions in the UK following the purchase of Marchant McKechnie and Thomas & Co. The group has been expanding its product offering, particularly in real estate, having recently signed a cooperation agreement with independent pan-European real estate investment firm, Moor Park Capital Partners LLP. It plans expand its offering further in areas such as mortgages, cash management and lending products. Last year Kingswood generated revenue of £8.8mln and an adjusted loss of £8.8mln. As of December 31, it had assets under management of £800mln. Blue Sky:

Analysts at finnCap said: “A core platform has now been put in place that is able to deliver sustained growth from organic and acquisitive AUM growth, backed by a strategy to build a nationally recognised brand with overseas appeal.

“AUM-driven growth provides huge scale opportunities since incremental revenues can be delivered from an existing cost base and total AUM now stands at £1.9bn across 7,000 active clients.

“Recent hires bolster existing management expertise and we estimate 2019E revenue to grow 34%, delivering EBITDA of £1.1mln, a return to positive earnings and the first step toward accelerated growth.”

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Wed, 24 Apr 2019 07:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219054/kingswood-holdings-expects--sustained-earnings-growth--after-major-overhaul-219054.html
<![CDATA[RNS press release - Change of website address ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190415070006_14040292/ Mon, 15 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190415070006_14040292/ <![CDATA[RNS press release - Final Results for financial year ended 31/12/18 ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190415070005_14040269/ Mon, 15 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190415070005_14040269/ <![CDATA[RNS press release - Director/PDMR Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190412133605_14039787/ Fri, 12 Apr 2019 13:36:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190412133605_14039787/ <![CDATA[RNS press release - Strategic initiatives to deliver earnings growth ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190402070021_14024599/ Tue, 02 Apr 2019 07:00:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190402070021_14024599/ <![CDATA[RNS press release - New US CEO appointed ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190311070012_13996512/ Mon, 11 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190311070012_13996512/ <![CDATA[RNS press release - Graydon Butler joins the Kingswood Board ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190228070029_13984497/ Thu, 28 Feb 2019 07:00:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190228070029_13984497/ <![CDATA[RNS press release - Election of Partners & LTIP Awards ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190218070006_13971916/ Mon, 18 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190218070006_13971916/ <![CDATA[News - Kingswood Holdings swoops on Oxfordshire based advisor ]]> https://www.proactiveinvestors.co.uk/companies/news/213781/kingswood-holdings-swoops-on-oxfordshire-based-advisor-213781.html Wealth and investment management specialist Kingswood Holdings Limited (LON:KWG) said it is paying up to £3.3mln for an Oxfordshire-based financial advisory firm.

Based in Abingdon, Thomas & Co has around 500 clients and £150mln of assets under advice.

READ: Kingswood Holdings updates on strategy as CEO departs

Kingswood, which now has 4,500 clients and assets of under advice of £1.5bn, is paying an initial £1.5mln with the remainder subject to a three-year earn-out.

Chief executive Gary Wilder said the company expected to add further scale. “We have a strong pipeline of opportunities we are currently evaluating,” he said.

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Fri, 01 Feb 2019 07:21:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213781/kingswood-holdings-swoops-on-oxfordshire-based-advisor-213781.html
<![CDATA[RNS press release - Acquisition and New Managed Portfolio Service ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190201070001_13954468/ Fri, 01 Feb 2019 07:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190201070001_13954468/ <![CDATA[News - Kingswood Holdings updates on strategy as CEO departs ]]> https://www.proactiveinvestors.co.uk/companies/news/212757/kingswood-holdings-updates-on-strategy-as-ceo-departs-212757.html Kingswood Holdings Limited (LON:KWG) has issued an update on its strategy amid a board reshuffle as its chief executive (CEO), Marianne Ismail, departed after 18 months in the role.

The wealth management firm said Ismail would leave the group with immediate effect to pursue other interests, with executive deputy chairman Gary Wilder stepping into the role.

READ: Kingswood Holdings hires new finance director

The group finance director, Patrick Goulding, would also become CEO of the company’s operating subsidiaries and take responsibility for implementing and managing its strategy and performance.

Kingswood added that Graydon Butler, the group’s chief operating officer, would join in the coming weeks and work closely with Goulding.

Regarding strategy, the firm said it had recently approved a three-year growth plan, adding that macro market conditions and an ageing population provided “significant opportunity”.

A combination of investment and resource allocation across the wealth planning and investment management platforms would help drive success, the company said, with these integrated platforms providing “a competitive advantage”.

Kingswood added that it was continuing to pursue targeted acquisitions in the UK with an ambition to gain a foothold in the US market in the near future.

In the short term, the firm said it would focus on several critical products including its management and personalised portfolio services as well as implementing a simplified tariff structure and launching several new offerings.

Buzz West, chairman of Kingswood, said: "The Board is very grateful to Marianne for her contribution to the business over the last 18 months. We wish her well in her future endeavours.”

He added: "We are delighted that Gary, Patrick and Graydon have agreed to form the senior leadership team that will successfully execute our growth strategy. Their combined experience will be invaluable as we aim to grow both organically and dynamically by acquisition in the UK and US and deliver long-term shareholder value."

Broker says disruption risk “diminished” as restructuring nears end

In a note to clients, analysts at City broker finnCap said the risk of disruption to the business from Ismail’s departure was “diminished” by the fact that most of the firm’s restructuring had been completed.

“Due to the base from which Kingswood is starting, scale-up opportunities are higher than that of its peers and so growth opportunities are likely to be high, both in terms of revenues, profits and share price appreciation.”

The broker also retained its target price of 26p, saying that the new CEO Wilder replacing Ismail’s successes “brings a greater likelihood of achieving the company’s goal of being a global business built with UK acquisitions and overseas strategic partnerships”.

In late-morning trading Thursday, Kingswood shares were at 12.2p.

--Adds broker comment and share price--

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Thu, 17 Jan 2019 08:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212757/kingswood-holdings-updates-on-strategy-as-ceo-departs-212757.html
<![CDATA[RNS press release - Board Change and Business Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190117070005_13937345/ Thu, 17 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190117070005_13937345/ <![CDATA[News - Kingswood Holdings hires new finance director ]]> https://www.proactiveinvestors.co.uk/companies/news/212111/kingswood-holdings-hires-new-finance-director-212111.html Kingswood Holdings Limited (LON:KWG) has announced the appointment of Patrick Goulding as group finance director.

The wealth management group, which trades as KW Wealth, said Goulding will lead the finance function as well as overseeing the group's operations.

READ: Kingswood enters 'new phase of development' after restructuring

“We are delighted that Patrick has joined the board,” said Buzz West, Kingswood chairman.

“His considerable experience in the international financial services industry will be invaluable as we aim to grow both organically and dynamically by acquisition in the UK and US.  The board looks forward to working with him."

Goulding joins from Ardmore Partners. His career history includes senior positions at NYSE listed real estate firm Global Net Lease Inc and Morgan Stanley.

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Tue, 08 Jan 2019 07:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212111/kingswood-holdings-hires-new-finance-director-212111.html
<![CDATA[RNS press release - Appointment of Group Finance Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190108070004_13926641/ Tue, 08 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20190108070004_13926641/ <![CDATA[News - Kingswood enters 'new phase of development' after restructuring ]]> https://www.proactiveinvestors.co.uk/companies/news/208341/kingswood-enters-new-phase-of-development-after-restructuring-208341.html Wealth management firm Kingswood Holdings Limited (LON:KWG) said it has entered a new phase of development after a recent restructuring that included changing its name from European Wealth Group in September.

Chief executive Marianne Ismail said the company has four strategic goals – to deliver strong earnings growth for shareholders; to achieve continued improvements in the client offering; to build its new brand; and to maintain the highest standards of corporate governance and risk management.

"As we prepare for the future we have restructured and streamlined our investment management team, hired new investment managers and added to our in-house research team,” she said in the group’s first half results in September. 

“We have also recruited several wealth planners in a very tight market.”

Kingswood said in its interims that its restructuring has led to significant cost reductions while a refinancing of the group in May resulted in the group having a debt-free balance sheet for the first time since the company was admitted to AIM.

The firm ended the first half to June 30 with a net cash position of £4.5mln.

Funds under management and administration (FUMA) stood at £1.8bn at the end of June, up from £1.7bn at the end of 2017 and a year earlier.

Kingswood eyes expansion 

Ismail said the company is keen to grow “both organically and dynamically” through acquisitions in the UK and US.

"The group has a strong and scalable operating platform with the capacity to support incremental revenue and earnings growth from future acquisitions, delivering improved profitability for the group as a whole,” she said.

 “With all the positive changes which have taken place, the board looks to the future with confidence."

FCA approves acquisition of Marchant McKechnie

In October the company agreed its first acquisition since its rebranding by agreeing to buy Marchant McKechnie Independent Financial Advisers Ltd for £4mln.

The deal, which has been approved by the Financial Conduct Authority, is expected to be immediately earnings enhancing.

East-Yorkshire Marchant McKechnie provides pensions, investments, and tax planning services. The business generated underlying earnings (EBITDA) of £855,000 last year.

Following the acquisition, Kingswood will have assets under administration of £2bn, 20 financial advisors and more than 4,000 active clients.

"Marchant McKechnie is a strong addition to the group as we look to build a new national brand in the UK wealth market. Marchant McKechnie shares our commitment to delivering high levels of customer service to clients over the long-term,” Ismail said.

"The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.”

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Thu, 01 Nov 2018 10:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208341/kingswood-enters-new-phase-of-development-after-restructuring-208341.html
<![CDATA[RNS press release - FCA approval for Marchant McKechnie acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181026070003_13843266/ Fri, 26 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181026070003_13843266/ <![CDATA[RNS press release - Gary Wilder appointed Executive Deputy Chairman ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181024163015_13841306/ Wed, 24 Oct 2018 16:30:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181024163015_13841306/ <![CDATA[News - Kingswood Holdings appoints executive deputy chairman ]]> https://www.proactiveinvestors.co.uk/companies/news/208412/kingswood-holdings-appoints-executive-deputy-chairman-208412.html Wealth manager Kingswood Holdings Limited (LON:KWG) has appointed of Gary Wilder as executive deputy chairman.

Wilder, who joined the board in October 2017, takes over his role in November.

Group chief executive Marianne Ismail will report to Wilder, who has over 30 years experience of property, structured finance and private equity in Europe, Asia and the US.

He was the co-founder of Moor Park Capital Partners in 2006 and is a founder partner of Kingswood Property Finance Limited Partnership.

Kingswood changed its name from European Wealth in September.

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Wed, 24 Oct 2018 09:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/208412/kingswood-holdings-appoints-executive-deputy-chairman-208412.html
<![CDATA[RNS press release - Director Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181019070003_13834797/ Fri, 19 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181019070003_13834797/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181018070330_13833280/ Thu, 18 Oct 2018 07:03:30 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181018070330_13833280/ <![CDATA[RNS press release - Director Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181017072228_13831815/ Wed, 17 Oct 2018 07:22:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181017072228_13831815/ <![CDATA[News - Kingswood Holdings to acquire Marchant McKechnie for £4mln ]]> https://www.proactiveinvestors.co.uk/companies/news/208409/kingswood-holdings-to-acquire-marchant-mckechnie-for-4mln-208409.html Kingswood Holdings PLC (LON:KWG) has made its first acquisition since its rebranding by agreeing to buy Marchant McKechnie Independent Financial Advisers Ltd for £4mln.

The deal is expected to be immediately earnings enhancing.

East-Yorkshire Marchant McKechnie provides pensions, investments, and tax planning services. The business generated underlying earnings (EBITDA) of £855,000 last year.

Following the acquisition, Kingswood will have assets under administration of £2bn, 20 financial advisors and more than 4,000 active clients.

"Marchant McKechnie is a strong addition to the group as we look to build a new national brand in the UK wealth market. Marchant McKechnie shares our commitment to delivering high levels of customer service to clients over the long-term,” Ismail said.

"The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.”

Kingswood changed its name from European Wealth in September.

 

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Mon, 01 Oct 2018 11:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/208409/kingswood-holdings-to-acquire-marchant-mckechnie-for-4mln-208409.html
<![CDATA[RNS press release - KW Wealth acquires Marchant McKechnie ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181001070004_13810068/ Mon, 01 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20181001070004_13810068/ <![CDATA[RNS press release - Result of AGM and Change of Name ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180904113804_13778279/ Tue, 04 Sep 2018 11:38:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180904113804_13778279/ <![CDATA[News - European Wealth's name change signals new era for the group ]]> https://www.proactiveinvestors.co.uk/companies/news/204096/european-wealth-s-name-change-signals-new-era-for-the-group-204096.html Wealth management group European Wealth Group Limited (LON:EWG) saw further growth in funds under management and administration (FUMA) in the first half of 2018.

FUMA at the end of June stood at £1.8bn, up from £1.7bn at the end of 2017 and a year earlier.

READ: European Wealth pockets £1.31mln as Astoria Investments increases stake to 18%

The group, which is set to change its name to Kingswood Holdings later today, saw revenue decline to £4.8mln in the first half of 2018 from £5.2mln in the same period of 2017. The decline was largely because of a spike in financial planning revenues at the end of the 2016/17 tax year that was not repeated the following year.

The loss before tax deepened to £1.5mln from £800,000 the year before, which the group attributed primarily to the group’s business in Switzerland, plus additional costs associated with restructuring, legal fees and the rebranding of the operational business to KW Wealth.

The restructuring has led to significant cost reductions while a refinancing of the group in May has resulted in the group having a debt-free balance sheet for the first time since the company was admitted to AIM.

READ: European Wealth Group seeing benefits already from recent restructuring

"The group has now entered a new phase of development,” said Marianne Ismail, the chief executive of EWG.

"The board and management have established four strategic goals for the group: to deliver strong earnings growth for our shareholders; to achieve continued improvement in the client experience; to build our new brand; and finally, to maintain the highest standards of corporate governance and risk management.

"As we prepare for the future we have restructured and streamlined our investment management team, hired new investment managers and added to our in-house research team. We have also recruited several wealth planners in a very tight market,” she added.

The group said it is keen to grow both organically and dynamically by acquisition in the UK and the US.

"The group has a strong and scalable operating platform with the capacity to support incremental revenue and earnings growth from future acquisitions, delivering improved profitability for the group as a whole. With all the positive changes which have taken place, the board looks to the future with confidence," Ismail said.

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Tue, 04 Sep 2018 07:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204096/european-wealth-s-name-change-signals-new-era-for-the-group-204096.html
<![CDATA[RNS press release - Unaudited interims for six-months to 30 June 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180904070005_13777414/ Tue, 04 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180904070005_13777414/ <![CDATA[RNS press release - Notice of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180815070003_13755661/ Wed, 15 Aug 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180815070003_13755661/ <![CDATA[RNS press release - Change of Website Address ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180814161838_13755358/ Tue, 14 Aug 2018 16:18:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180814161838_13755358/ <![CDATA[News - European Wealth pockets £1.31mln as Astoria Investments increases stake to 18% ]]> https://www.proactiveinvestors.co.uk/companies/news/202083/european-wealth-pockets-131mln-as-astoria-investments-increases-stake-to-18-202083.html European Wealth Group Limited (LON:EWG) said major shareholder Astoria Investments has subscribed for 7.92mln shares at 16.5p each, raising £1.31mln for the company.

The subscription lifts Astoria’s stake from 13.71% to around 18%.

READ: European Wealth Group seeing benefits already from recent restructuring

European Wealth noted that the subscription price is the same price at which the syndicated debt facilities were converted and at which certain directors and other employees of EWG subscribed for new shares, both in May 2018.

"Astoria's decision to increase its stake in the company demonstrates its confidence in the group's strategy and further cement our relationship with a supportive institutional shareholder,” said Buzz West, the chairman of European Wealth Group.

“The group is debt free and well-positioned to take advantage of the long-term growth opportunities we see in the global wealth management and financial planning market. We are ambitious to grow both organically and dynamically by acquisition in the US and Europe. The acquisitions will be funded through a combination of both cash and shares,” West added.

“The proceeds raised today, which we expect will be the last placement that the company makes at 16.5 pence strengthens our position to capitalise on these opportunities,” the chairman concluded.

Shares in European Wealth closed at 16.5p last night.

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Thu, 02 Aug 2018 08:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202083/european-wealth-pockets-131mln-as-astoria-investments-increases-stake-to-18-202083.html
<![CDATA[RNS press release - SUBSCRIPTION AND ISSUE OF EQUITY ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180802070015_13740642/ Thu, 02 Aug 2018 07:00:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180802070015_13740642/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180801114003_13739875/ Wed, 01 Aug 2018 11:40:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180801114003_13739875/ <![CDATA[News - European Wealth Group poised to enjoy the benefits of recent restructuring ]]> https://www.proactiveinvestors.co.uk/companies/news/199858/european-wealth-group-poised-to-enjoy-the-benefits-of-recent-restructuring-199858.html European Wealth Group Limited (LON:EWG) saw a 13% increase in assets under management (AUM) in 2017.

AUM at the end of 2017 stood at £1.7bn, up from £1.5bn a year earlier, driven by an inflow of funds to the fixed-income division.

READ: European Wealth Group seeing benefits already from recent restructuring

The year saw an increase in revenue to £10mln from £9.4mln the year before.

Over the last seven months, the group has taken £1.4mln of costs out of the operating business and markedly reduced the headcount, but the restructuring comes at the cost of one-off up-front charges

The group loss for the year widened to £5.9mln from £757,000 the year before, largely as a result of one-off restructuring costs and a substantial write-down of £2.3mln – in the value of the group’s intangible assets, notably goodwill - the value inherent in the business over and above its physical assets - attached to the foreign subsidiaries in Gibraltar and Switzerland.

"Our activities have been firmly focused on creating a strong platform for growth. We have removed the debt, in turn bringing cash onto the balance sheet, reduced our operating costs, and have invested in software to ensure that our business reflects the needs of our customers,” said Marianne Ismail, the group chief executive.

READ: European Wealth Group confirms Marianne Ismail as chief executive officer​

“With this in mind we are confident that the losses incurred during the period due to these activities will position European Wealth ideally to create value for shareholders both organically and via M&A [mergers 7 acquisitions] and we hope that the benefits will begin to be reflected in our interims,” Ismail added.

"Our M&A strategy remains central to our business. We have stringent criteria to ensure that we deliver value accretive acquisitions and with this in mind, the decision was made not to pursue the acquisition of Newbridge Securities in the USA; however, there is a significant market opportunity, given the fragmented nature of the global wealth management industry, and with this in mind we look forward to updating the market on future opportunities at the appropriate time," she said.

READ: European Wealth Group's acquisition of Newbridge called off by mutual consent​

In a separate announcement, the asset management group said it had strengthened the board with the appointment of City veteran David Hudd as a non-executive officer.

Hudd is currently the chief executive officer of law firm Hogan Lovells.

“He brings a wealth of experience within the legal and financial sectors which will be of great value as we focus on driving growth. We aim to achieve this both organically, and by way of acquisition to capitalise on opportunities in the global wealth management industry," said Buzz West, the chairman of EWG.

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Fri, 29 Jun 2018 08:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199858/european-wealth-group-poised-to-enjoy-the-benefits-of-recent-restructuring-199858.html
<![CDATA[RNS press release - Board Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180629070007_13698435/ Fri, 29 Jun 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180629070007_13698435/ <![CDATA[RNS press release - Results for the financial year ended 31 Dec 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180629070003_13698394/ Fri, 29 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180629070003_13698394/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180618070006_13682655/ Mon, 18 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180618070006_13682655/ <![CDATA[News - European Wealth Group's acquisition of Newbridge called off by mutual consent ]]> https://www.proactiveinvestors.co.uk/companies/news/198430/european-wealth-group-s-acquisition-of-newbridge-called-off-by-mutual-consent-198430.html The proposed acquisition of Newbridge Corporation by European Wealth Group PLC (LON:EWG) has been called off by mutual consent.

The acquisition of the US fund platform had been okayed by the US regulator, FINRA, allowing European Wealth to proceed with the final stages of due diligence to assess whether the remaining (non-regulatory) closing conditions could be fulfilled to the satisfaction of the board of EWG.

READ: European Wealth Group seeing benefits already from recent restructuring​

“EWG and Newbridge have not been able to come to an agreement on these conditions and have mutually decided not to proceed with the proposed acquisition. Newbridge has informed FINRA that the transaction has been officially terminated,” a statement from EWG revealed.

"While we have decided not to proceed with the acquisition of Newbridge, we remain committed to our strategy and are ambitious to grow both organically and dynamically by acquisition in the US and Europe,” said Marianne Ismail, the chief executive officer of European Wealth Group.

"Since my appointment in September, we have conducted an extensive strategic review of the operating businesses and put in place a significant number of positive measures to position the group for growth, to markedly reduce operating costs and to grow AUM [assets under management] and recurring fee income,” she added.

"As a result of the recent fundraising the group is debt free and well-positioned to take advantage of the long-term growth opportunities present in the global wealth management and financial planning market."

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Thu, 07 Jun 2018 08:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198430/european-wealth-group-s-acquisition-of-newbridge-called-off-by-mutual-consent-198430.html
<![CDATA[RNS press release - Acquisition Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180607070006_13670102/ Thu, 07 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180607070006_13670102/ <![CDATA[RNS press release - Issue of Equity and Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180530120002_13659980/ Wed, 30 May 2018 12:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180530120002_13659980/ <![CDATA[RNS press release - Conversion Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180529120004_13658204/ Tue, 29 May 2018 12:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180529120004_13658204/ <![CDATA[RNS press release - Acquisition Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180523141607_13652609/ Wed, 23 May 2018 14:16:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180523141607_13652609/ <![CDATA[News - European Wealth Group seeing benefits already from recent restructuring ]]> https://www.proactiveinvestors.co.uk/companies/news/197295/european-wealth-group-seeing-benefits-already-from-recent-restructuring-197295.html European Wealth Group Limited (LON:EWG), the integrated wealth management group, is seeking to strengthen its balance sheet.

The group is in the process of acquiring US-based broker-dealer platform Newbridge, in conjunction with which it entered into a syndicated facilities agreement with Kingswood; EWG said it now plans to ask Kingswood to proceed with the conversion of a proportion of the convertible facilities on the basis of 16.5p per EWG share.

READ: European Wealth Group to become Kingswood after unveiling plans to buy US broker-dealer

Kingswood has also indicated that it will convert a part of the facilities, such that its shareholding in EWG remains at or below its current stake of 39.65%.

Meanwhile, the Newbridge deal is still awaiting final approval from the Financial Industry Regulatory Authority (FINRA).

The group also updated shareholders on current trading, saying that revenue for the whole of 2017 is expected to be in the region of £10mln, up from £9.4mln in 2016.

Assets under management (AUM) grew to £1.74bn during the year from £1.46bn at the end of 2016.

The group’s recently appointed chief executive officer, Marianne Ismail, has conducted an extensive strategic review of the operating businesses and put in place a significant number of positive measures to position the group for growth, to markedly reduce operating costs and to grow AUM and recurring fee income.

As a consequence of the repositioning, EWG reported, significant exceptional one off restructuring costs have been incurred, together with expenses incurred in the raising of fresh capital and a decision to substantially write-down goodwill; as a result, the group will report a material loss for 2017.

It added that the company has already started to see positive benefits this year, derived from the restructuring and cost cutting initiatives.

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Fri, 18 May 2018 13:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197295/european-wealth-group-seeing-benefits-already-from-recent-restructuring-197295.html
<![CDATA[RNS press release - Acquisition and Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180518130326_13647275/ Fri, 18 May 2018 13:03:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8299/LSE20180518130326_13647275/