Independent advisory firm snapped up by Dubai group

An independent financial advisory firm in Hull with £29.8m of funds under administration with has been acquired by Dubai firm.

Corporate advisory services provider Argentum 47 has snapped up Cheshire Trafford, which offers investment advice, tax planning, life assurance, and pensions.

Incorporated in 1976 as a limited liability company, Cheshire Trafford (UK) has more than 700 clients and £29.8 ($38.7m) of funds under administration. T

The takeover is the first one by Argentum 47 to support its inorganic growth plan through its UK-based subsidiary Argentum 47 Financial Management.

Argentum 47 CEO Peter Smith said: “This acquisition will now kick start our growth programme with the next targeted acquisition bringing a further US$52 million of funds under administration, also being driven towards its conclusion. Over the course of the next 12 months we will look to maximise the value within Cheshire Trafford, increase the total funds under administration, increase the annual revenue, and extend and enhance the service to the clients with new products and offerings.

“This acquisition significantly increases its reach in the UK by putting us within the zone recently deemed as `The UK Northern Power House´ by the British Government; the Northern part of the United Kingdom is destined for significant growth and Governmental support over the coming years in particular for growing and expanding businesses.

“The Hull City Region, where Cheshire Trafford is based, is one of the six major focus locations for the Northern Power House development. This growth will offer many potential opportunities for Cheshire Trafford and for our existing capital market business model.”

Argentum 47 caters to business and retail customers regarding capital needs, development of their financial plans and growth opportunities.