As a wholly owned subsidiary of GOAL, the business will trade under the new name of Magenta One Global Limited, operating out of GOALâs headquarters in the City of London. The acquired operation will continue to provide unique services and solutions in the domain of class actions, supporting entities who have suffered financial loss from dealing in a company's securities due to that companyâs mismanagement or unlawful behaviour. The numerous operational synergies between GOALâs established tax reclamation business â which is accredited with the ISO9001 certification for service quality - and Magenta One will enable both businesses to streamline administrative processes, efficiency and service.
David Monks will continue to lead the sales team, targeting custodian banks, pensions funds, fund managers and brokerages, many of whom could be squandering substantial compensation by not participating in securities class actions.
Stephen Everard, Managing Director, GOAL, comments, âThe acquisition of Magenta One represents a natural extension of the core capabilities and processes that we have built at GOAL, helping the investment community recover their rightful returns. As such, we intend to enhance and extend the existing class actions business to the tangible benefit of our inherited customers, as well as offering our new services to existing tax reclamation customers.
âPreviously, GOAL has calculated that some $6 billion lies unreclaimed globally by cross-border investors each year; and Magenta Oneâs successful track-record of compensation pay-outs indicates that even higher sums are lost because institutions are neglecting securities class actions. This is an exciting opportunity for the GOAL Group and its customers.â