Manx Financial Group, a provider of diversified financial services in the Isle of Man and the UK, has acquired the UK FCA licenced Wealth Management business, CAM Wealth Group Holdings and its subsidiary CAM Wealth Group, (collectively referred to as CAM Wealth).
The acquisition aligns with the Group’s growth strategy, as highlighted in the December 2023 chairman’s statement, which emphasised the pursuit of accretive acquisitions to enhance shareholder value.
The acquisition involves a payment of £210,000, supplemented by a three-year earnout agreement, with the total amount capped and financed entirely through the group’s internal resources.
Manx Financial Group described CAM Wealth as a foundation for building its general insurance products and expanding financial planning services for both retail and small to medium-sized enterprise (SME) clients in the UK.
The acquisition will also benefit the Group’s subsidiary, Payment Assist, which serves over 100,000 customers.
Additionally, synergies are anticipated with Edgewater Associates, the Group’s Isle of Man-based independent financial advisory firm.
While CAM Wealth’s current scale is modest, the acquisition is expected to provide significant opportunities for the Group to broaden its services and strengthen its position in the UK financial services market.
Manx Financial Group CEO Douglas Grant said: “The acquisition of CAM Wealth is a significant building block for Manx Financial Group.
“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.”
CAM Wealth Group Holdings director Lizz Ewart said: “I, and my fellow Director, Derek Gawne, are absolutely delighted to become part of the MFG Group of companies and look forward to the enhanced growth prospects afforded with this new relationship.
“We believe this is a real opportunity for us to assist MFG and their customers by providing a broader range of services and skills. We look forward to a mutually successful future.”
