UK-based Tavistock Investments has secured £650,000 ($755,846) equity capital in a share issuing and in turn, gained Hugh Simon as a new investor.

The two parties have plans to explore acquisition opportunities in the UK and European wealth and asset management space.

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Tavistock issued a total of 32.5 million new ordinary shares.

Simon, the owner and CEO of Hamon Investment Group, received a 4.94% stake in Tavistock by purchasing 30 million Tavistock shares.

The rest of the shares were bought by Tavistock chairman Oliver Cooke and CEO Brian Raven.

As a result, Cooke received a 4.45% stake while Raven gained a 10.78% interest in Tavistock.

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Tavistock Investments CEO Brian Raven said: “We are pleased that the fundamental value of the Company, the potential of our strategic initiatives, and in particular, the wide appeal of our protected funds, have been recognised by such an experienced industry figure.

“We look forward to progressing our growth plans together. The Placing has also strengthened the Company’s working capital and regulatory capital position.”

Based in Hong Kong and London, Hamon Group owns emerging market specialist Blackfriars Asset Management that it snapped up in 2011.

“Hamon Group sees the UK wealth market as an attractive segment and one that is particularly well suited to Tavistock’s growing suite of guaranteed and ESG products,” Simon noted.