Further re. acquisition of Anglo Saxon Trust

RNS Number : 6587B

MJ Hudson Group PLC

03 February 2020

 

3 February 2020

MJ Hudson Group plc

(the "Company", "Group" or "MJ Hudson")

Further re. acquisition of Anglo Saxon Trust Limited

MJ Hudson, the international asset management consultancy, is pleased to confirm that, following completion of the acquisition in October 2019, it has now received regulatory approval from the Jersey Financial Services Commission relating to the Company's acquisition of Anglo Saxon Trust Limited ("AST"). The initial consideration payment of £3.7 million, financed from the proceeds raised at the Company's recent IPO, has been made and the acquisition of AST is now unconditional as to its terms. AST's business will be consolidated within the Group from 31^st January 2020.

As detailed in MJ Hudson's admission document, AST is a company and trust administration business based in Jersey. It has over 300 local and international clients serviced by 10 staff members. In its audited results for the 12 months ended 31 January 2019, AST generated fee income of approximately £2.1 million. Additional earn-out consideration of up to £2.8 million is payable based on AST's growth over the next four years. 

Matthew Hudson, CEO of the Group said:

"We are delighted to welcome AST to the Group. This is a business and a management team that we have known for a while. Since the acquisition was first announced last year, we have already begun to collaborate which bodes well as it becomes a part of our consolidated group. Strategically, we offer to AST a permanent new business presence in the London market and to the Group's clients generally a joined-up Jersey and Guernsey offering. In the core business, our raised profile on the back of the IPO has also had a positive influence both on organic sales and on the scale of inbound inorganic growth opportunities."

The Group will announce its interim results on Wednesday 18^th March. The Company will host an analysts' meeting at 10am at the head offices of MJ Hudson at 8 Old Jewry in the City. To attend please email: [e-mail].

For further information, please contact:

MJ Hudson Group plc Matthew Hudson, CEO Andrew Walsh, IRO Katherine Hazelden, IR & Marketing Solutions	[phone]
Cenkos Securities (Nomad and Broker) Giles Balleny Stephen Keys Callum Davidson Harry Hargreaves	[phone]
Yellow Jersey PR Charles Goodwin Joe Burgess Annabel Atkins	[phone] [phone]

About MJ Hudson

MJ Hudson, the international asset management consultancy, provides expertise and infrastructure support to fund managers, investors and other specialists in the asset management industries. The Group's services include law, fund management solutions, international administration, investment advisory, data & analytics and IR & Marketing.

This comprehensive range of capabilities, coupled with MJ Hudson's ability to draw on many industry perspectives, allows the Group to build project teams that are extremely effective at helping clients achieve multiple goals. From its offices across major asset management centres, MJ Hudson's team of more than 180 professionals work for clients managing and advising in excess of  $1trn of assets. The Group has expertise in all traditional and alternative asset classes, including equities and bonds, private equity, venture capital, hedge funds, real estate, infrastructure, energy and credit.

 

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