Alpha Growth’s revenue rose to £2.62mln in the sixteen months to end December 2021 helped by the acquisition of Providence Life and Assurance, a Bermudan life assurance company.
This acquisition, together with continued subscriptions to the BlackOak Alpha Growth Fund, led to a significant increase in revenue, said Alpha, though costs associated with the acquisition meant a loss for the sixteen-month period of £1.67mln (£567,000 for 2020).
Alpha Growth's strategy is to reach US$2bn of assets under management by 2025 through further expansion of the life insurance business and continuing to develop the BlackOak Alpha Growth Fund.
Part of the plan includes the previously announced acquisition of a Guernsey insurance company which is expected to complete in the next quarter.
Gobind Sahney, executive chairman added, "This report covers a transformation period for Alpha Growth and one which has seen tremendous growth of AUM and its associated revenue.
“We are ahead of schedule with our 2B plan and will update the market when appropriate, as we progress towards our US$2bn AUM target we will once again see revenue increase significantly.”