RNS Number : 8933Q
Jarvis Securities plc
26 October 2011
Jarvis Securities plc ("Jarvis" or "the Company")
26th October 2011
Investment in Hubwise Holdings Limited
Jarvis is pleased to announce that it has today entered into an agreement with Hubwise Holdings Limited ("Hubwise"), a new start-up company.
Hubwise have designed a web based, integrated solution targeted at IFAs and wealth managers. The solution offers straight through processing for a broad range of financial products. It is a low cost, Retail Distribution Review (RDR) compliant solution.
Under the agreement Jarvis will invest £200,000 in return for a 15.38% shareholding in Hubwise. Andrew Grant, Chief Executive, will also be appointed to the board of Hubwise.
Jarvis has also entered into a commercial contract to provide model B settlement services to Hubwise.
The opportunities to Jarvis will be threefold:
- Jarvis will provide settlement services to Hubwise, creating an additional NAV-based income stream;
- Jarvis anticipate gaining further introductions to its model B stockbroking service from Hubwise; and
- Jarvis can benefit from additional income through a predefined dividend policy with Hubwise.
The Board anticipates that the agreement with Hubwise will be income-enhancing to the Company during the 2012 financial year.
Andrew Grant commented:
"Our success at Jarvis is driven by our ability to provide administrative solutions with market leading efficiency. This investment and commercial relationship with Hubwise gives us a significant opportunity to apply this strength to a broader range of financial products and services."
Jarvis Securities plc tel: 01892 510 515
Arbuthnot Securities tel: 020 7012 2000
Andrew Kitchingman/Richard Johnson
Jarvis Securities plc is the holding company for Jarvis Investment Management Limited (AIM: JIM.L) a stock broking company and outsourced service provider for bespoke tailored financial administration. Jarvis was established in 1984 and is a member of the London Stock Exchange; a broker dealer member of PLUS Markets, authorised and regulated by the Financial Services Authority and an HM Revenue & Customs approved ISA manager. Jarvis has more than 56,000 retail clients and a growing number of institutional clients. As well as normal retail broking Jarvis provides cost effective and flexible share trading facilities within ISA and SIPP wrappers.
Jarvis provides outsourced and partnered financial administration services to a number of third party organisations. These organisations include advisers, stockbrokers, banks and fund managers. Jarvis can tailor its administration processes to the requirements of each organisation and has a strong reputation for flexibility and cost-effectiveness.
This information is provided by RNS
The company news service from the London Stock Exchange