Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Hargreave backs AIM-listed wealth firm's buying spree

Hargreave backs AIM-listed wealth firm's buying spree

Citywire A-rated Giles Hargreave's investment firm has supported a £10 million fundraising by AIM-listed Harwood Wealth Management

According to a stock exchange announcement, Hargeave Hale snapped up an additional 1.3 million shares in Harwood.

The move lifts Hargreave's stake to 3,683,000 million shares, or a 5.8% stake in Harwood. 

Shares in Harwood were subject to profit taking today, trading 6.5% lower at 180p at 11am, giving Hargreave's stake a value of around £6.6 million.  

At the end of March Harwood - which previously raised £13 million when it listed on the junior market in 2016 - placed a chunk of shares at 150p each, a 14% discount to the secondary market valuation.

In conjunction with the placing, joint Harwood chief executive Neil Dunkley, his wife Sian Dunkley and commercial officer Mark Howard agreed to sell 1.3 million ordinary shares at the placing price.  

The £10 million raised from the placing will be used to extend Harwood's acquisition spree, which saw it make 17 purchases last year for a combined £11.6 million.

These included the acquisition of Tunbridge Wells private client manager Wellian. 

The group’s hectic schedule has lifted internal assets 75% to just over £2 billion. Client assets more than doubled over the periof from £276 million to £693 million.

In a statement accompany the placing Harwood said it had a strong pipeline of acquisitions.

'The group has signed heads of terms in respect of a further six acquisitions, at an aggregate estimated consideration of approximately £3.1 million which, if completed, would add an estimated £156 million of AUA [assets under advice],’ it said.

‘In addition, the current acquisition pipeline, where proposals or draft heads of terms have been issued to vendors, includes a further nine proposed acquisitions, which would, if successfully completed, add an additional estimated £960 million of AUA at an estimated aggregate consideration of £14.95 million.' 

Harwood Wealth was founded in 2001 by Dunkley and Mark Howard as Compass Wealth Management.

The group is now co-led by Wealth Manager cover star Alan Durrant (pictured) alongside Dunkley. 



Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter