6th Jul 2015 08:56
LONDON (Alliance News) - Global Investment Strategy UK Ltd, a settlements and global custody business, had a record month in June, according to Octagonal PLC, which bought the company that month.
In a statement, AIM-listed Octagonal said that GIS had more than 12,000 transactions in the month of June.
GIS, which serves smaller institutional funds, family wealth offices and high-net-worth investors, had a 50.3% increase in the first quarter ended June 30 when compared with the corresponding quarter of the prior year, with the total number exceeding 30,000. New clients increased by 120 during the quarter.
Octagonal, which took full ownership of GIS through a reverse takeover, is optimistic about the acquisition's growth prospects.
Octagonal Chief Executive John Gunn said the deal for GIS "will enhance our visibility to potential end customers who see the advantages of streamlining their business where we can offer competitive rates and improved efficiencies".
"We will remain focused this year on our core activities and cash generation whilst, in the medium to long term, with our increased management, we will look for further organic growth and also growth through acquisition, but only where we see an enhancement to earnings," Gunn said in a statement.
Octagonal shares were down 0.8% at 1.81 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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