UK-based Manx Financial Group has acquired the entire share capital of Edgewater Associates, an independent financial adviser in Isle of Man. Consideration for the acquisition is GBP2m, payable as to GBP1m in cash and GBP1 in new ordinary shares in the group.
Edgewater has an established personal and commercial client base of over 5,000 accounts, and employs 15 staff. Edgewater offers a mix of wealth management, general insurance and life insurance advice.
The transaction is expected to develop Manx Financial Group’s strategy by diversifying earnings beyond lending, growing competence in the wealth market.
According to Manx Financial, Edgewater will immediately take responsibility for Conister Wealth. This will provide Edgewater with an opportunity to make available wealth management and ancillary services to her sister subsidiary’s customers, Conister Bank, and to offer Conister Bank savings and loan products to the Edgewater client base.
Manx Financial said Edgewater will continue to be managed by its current executive: David Hathersich-Jones as executive chairman and Stephen Locking as managing director.