The Marygold Companies has completed its previously announced $3.0m takeover of UK-based investment adviser Tiger Financial & Asset Management.
The consideration of the deal includes approximately$1.9m (£1.5m) in cash and net current assets worth $1.1m (£863,977).
The transaction was carried out through Marygold & Co. (UK), a London-based wholly-owned subsidiary of Marygold.
Northampton-based Tiger manages clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles.
The firm has approximately $53m (£42m) in assets under advice.
Marygold & Co. (UK) CEO Matthew Parden said that the acquisition will provide the firm with the initial regulatory license to grow and expand its advice services to new clients.
The Marygold Companies CEO Nicholas Gerber added: “The completion of this transaction paves the way for the Company to expand our financial services into the UK, as well as introduce new services, such as the mobile fintech app being developed by our US subsidiary, Marygold & Co, that will offer US clients payment services and personalized banking that provide a secure way to send, receive, spend, and save with no banking fees or minimum requirements. The Marygold app is expected to launch in the US later this year.”
As agreed, Tiger founder Keith Halford and his team will remain with the company.
Commenting on the deal, Halford said: “I am delighted that Tiger has become part of The Marygold Companies family and look forward to continuing to advise Tiger’s clients and maintain the high standards of service they have come to appreciate.”
The Marygold Companies, formerly known as Concierge Technologies, operates other financial services subsidiaries including Denver-based Marygold & Co and USCF Investments.