CompaniesMar 5 2013

Moneygate takes minority stake in HNW wealth manager

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High net worth financial planning firm Group Rapport has entered into a partnership deal with the Moneygate Group that will see the latter acquire a minority stake in the firm.

Surrey-based Group Rapport, which has around £75m in funds under influence, will now trade under Moneygate’s regulatory platform while broadening its corporate offering. The group has a turnover in excess of £1m a year.

North East-based Moneygate Group will take a minority stake in Group Rapport as part of a deal that will see the firm work in partnership to grow a new corporate offering.

Jeremy Martell, chief executive at Group Rapport, said: “We are really excited about working with Moneygate. Obviously the sector as a whole has had to face some challenging times but operationally the prospects for the forthcoming year are very positive in terms of projections and performance.

“We were really impressed by the technology side of Moneygate which offers a new way of working. We will be utilising this as we develop the new corporate offering from Moneygate this year.”

Lee Hartley, chief executive at Moneygate, added: “Group Rapport are a high performing outfit and have achieved some great results. A wonderful addition to the team, Group Rapport will be working hand in hand with us as we grow our corporate offering in the coming years.”