moneycorp acquires the Rochford Group in Australia
- 02.08.2019 07:33 am
moneycorp announces it has acquired the Rochford Group, one of Australia’s largest independent treasury advisors. The purchase is moneycorp’s second major international acquisition of 2019, after the completion of its deal for Brazil's Novo Mundo.
Rochford, based in Sydney, also has a representative office in Hong Kong that will further extend moneycorp’s presence in both Australia and Hong Kong, as well as adding a range of new products for moneycorp’s customers.
Rochford’s specialist treasury services offer bespoke solutions to clients, allowing them to manage the impact of treasury risks on cash, profitability and their balance sheets. Rochford's cloud-based treasury risk management platform offers proprietary global cash flow forecasting models and workflow procedures to boost productivity.
Rochford Group, established in 2010, holds a comprehensive Australian Financial Services Licence (AFSL), providing solutions clients across numerous industry sectors.
Commenting on the acquisition, Nick Haslehurst, CFOO of moneycorp said:
“We have worked with the team at Rochford Capital for several years and saw a very strong fit in our own client-led approach to providing effective risk management solutions. We are delighted to have the Rochford team joining us and believe we can help accelerate Rochford’s growth by deploying their operating model through the moneycorp group.
Thomas Averill, MD of Rochford Group commented:
“We’re excited to be welcomed into the moneycorp family and I am looking forward with my team to leveraging moneycorp’s global footprint and resources to bring Rochford’s services to new markets. Global economic volatility means both personal and corporate clients are in need of effective counsel to manage their FX positions and a hedging strategy to mitigate risk, protect margins and take advantage of opportunities as they arise.”
UK headquartered moneycorp, which handled over 5.9m global transactions in 2018, trades more than £35.5bn of currency annually through its offices in the UK, USA, Brazil, Hong Kong, Spain, France, Gibraltar, Romania, Australia, UAE and Ireland.
moneycorp’s international growth strategy has seen it acquire and integrate Commonwealth FX, the US based corporate international payments company acquired in January 2018, and establish a licensed payments business and office in the UAE. Earlier this year it secured entry into South America’s fast-growing foreign exchange market, through the controlling acquisition of Novo Mundo, a São Paulo headquartered business.
Domestic growth for moneycorp includes the expansion of its regional presence in Coventry and the opening of new offices in Leeds and Edinburgh in 2019 to bring dedicated foreign exchange services to key commercial centres in the UK.
moneycorp’s strong investment in its payments solutions technology includes the launch of its API for third-party use, allowing clients to integrate the company’s payments platform into their systems.