MHG.L Regulatory News (MHG)

31 Jan 2008 07:01

Merchant House Group PLC31 January 2008 31st January 2008 Merchant House Group PLC ("MHG" ) (GB0000577386) Creation of Merchant Wealth Management marks further step into new business model AIM-quoted Merchant House Group (MHG) is pleased to announce the formation ofMerchant Wealth Management Limited, to introduce wealth management services toits own corporate and, in future, private clients. The new company is 100% ownedby MHG. It marks the latest in a series of moves to broaden the corporate and merchantbanking services provided by MHG, using a new business model devised to increaserevenue and operating margins through revenue sharing partnerships that willfunction on a low cost basis. This development means that Merchant Wealth Management can introduce the privateclients of the Group to major providers of pensions, business and privateinsurances, asset management, trust and estate planning and immediate needsannuities. Paul Hassall FCII, CeMAP joins the board of Merchant WealthManagement. Paul brings 26 years experience including with Royal and SunAlliance Group and as a partner in St James Place Wealth Management The creation of Merchant Wealth Management follows two other new moves announcedearlier this month - the creation of Merchant Legal to provide commercial legalservices to clients, and the strengthening of MHG's corporate finance divisionwith the recruitment of senior corporate financiers. Like Merchant WealthManagement, both of those divisions will operate on a revenue-sharing basis. MHG Chairman Martin Eberhardt said, "We see Merchant Wealth Management asanother strong example of our new approach, seeking to maximise thecross-selling opportunities deriving from our corporate finance and brokingactivities. We look after corporate clients that are looking for a fund-raisingor listing, and it is clear the directors might also be thinking of their ownpersonal wealth issues." An existing client base for the services of Merchant Wealth Management may alsostem from the activities of Merchant House Finance, which arranges leasing andasset finance for private jets, race horses and yachts. Along with Paul Hassall, Richard Smith, Matthew Hassall and Julie Roberts arealso supporting the services available through Merchant Wealth Management. For further information contact: James Holmes, Director, Merchant House Group plc: 020 7332 2200Allan Piper, First City Financial Public Relations: 020 7242 2666Alex Borrelli, Nominated Adviser, Shore Capital and Corporate Limited: 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange