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(Sharecast News) - Manx Financial Group announced the acquisition of CAM Wealth Group Holdings and its subsidiary CAM Wealth Group, a FCA-licensed wealth management business, on Wednesday.
The AIM-traded firm said the acquisition was aligned with its strategy to pursue accretive acquisitions, as outlined in the December 2023 chairman's statement, aimed at enhancing shareholder value through a diversified financial services offering.
Although currently a relatively small operation, the board said CAM Wealth would provide Manx Financial with a strategic foothold in the UK wealth management sector.
The acquisition would grant the group access to FCA-regulated licences, enabling it to expand its range of services to include general insurance products, financial planning, and investment services for both retail and SME customers in the UK.
Manx said the acquisition also presented opportunities for cross-selling to the 100,000-plus customer base of Payment Assist, a key subsidiary within the group.
Additionally, the integration of CAM Wealth was expected to create synergies with Manx Financial's existing Isle of Man-based independent financial advisory firm, Edgewater Associates, enhancing the group's overall wealth management capabilities.
"The acquisition of CAM Wealth is a significant building block for Manx Financial Group," said chief executive officer Douglas Grant.
"By integrating CAM Wealth's expertise into our operations, we unlock opportunities to provide our UK customers with a comprehensive suite of financial planning, investment services, and insurance solutions.
"This acquisition aligns perfectly with our objective of enhancing shareholder value while exploring new avenues for growth within the UK's financial landscape."
At 1221 GMT, shares in Manx Financial Group were up 5.5% at 14.77p.
Reporting by Josh White for Sharecast.com.
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