RNS Number:7653K
First Artist Corporation PLC
20 October 2006

                                                                 20 October 2006





                          FIRST ARTIST CORPORATION PLC





       First Artist and H W Fisher create wealth management joint venture





First Artist Corporation Plc (AIM:FAN) ('First Artist' or the 'Company'), the
entertainment and wealth management group, and  H W Fisher & Company, a top 25
firm of chartered accountants, have created a new wealth management and
financial services business to be called Fisher Family Office.



The joint venture will draw upon the respective strengths of the two
organisations.  H W Fisher & Company's 5,000 private clients will have access to
First Artist's rapidly growing wealth management division.



First Artist and Fisher & Co LLP (a wholly owned LLP of H W Fisher & Company)
have entered into a put and call option which will allow First Artist to buy
Fisher & Co LLP's stake in Fisher Family Office after three years, subject to
certain levels of annual gross profit being achieved. The consideration payable
on exercise of the options will be a percentage of the annual gross profit in
the year before exercise with the remainder being a percentage of each of the
following three year's annual gross profit. One ordinary share in First Artist
shall be issued to Fisher & Co LLP for every #1 of cash consideration. The total
consideration is capped at #2.75m.



Meanwhile, First Artist's existing financial advisory division, ABG Financial
Management, is to be renamed Optimal Wealth Management. The change is part of a
continuing exercise to ensure that the company's brands reflect its diversified
nature and the importance of its non-football activities.



H W Fisher & Company senior partner Paul Beer said: "We are extremely pleased to
go into partnership with First Artist, not only because the arrangement will
provide our clients with a high level of skills, but also because we have a
similar approach to client service. In a joint venture like this, chemistry is
just as important as complementary skills. We greatly look forward to working
together."



Jon Smith, chief executive of First Artist Corporation Plc, said: "We are
delighted to announce this strategically important agreement, especially
considering the pedigree of HW Fisher and the anticipated synergies that will
come as a result of this transaction.. Diversifying our portfolio away from
football activities is a key part of our strategy. We are already very happy
with the progress being made in our fast growing wealth management division
under the stewardship of Sean Scahill and Peter Kelsey, which culminated in the
recently announced 91% increase in profits.  In addition this joint venture will
bring significant momentum to the growth of Optimal Wealth Management, in what
is becoming a very important industry for a lot of the operators in our market."



                                     -ENDS-







Enquiries:

Nick Lyon / James White
Hudson Sandler

Tel: 020 7796 4133

Jon Smith, Chief Executive
Richard Hughes, Finance Director
First Artist Corporation Plc

Tel: 020 8900 1818


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

JVEFFAFWUSMSEIS
Volution (LSE:FAN)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Volution Charts.
Volution (LSE:FAN)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Volution Charts.