London-based Merchant House Group yesterday announced the formation of Merchant Wealth Management, to introduce wealth management services to its own corporate and, in future, private clients. The new company is wholly owned by MHG. The move means that Merchant Wealth Management can introduce the private clients of the group to major providers of pensions, business and private insurances, asset management, trust and estate planning and immediate needs annuities. Paul Hassall, who has previously served with Royal and Sun Alliance Group and as a partner in St James's Place Wealth Management, joins the board of Merchant Wealth Management. Richard Smith, Matthew Hassall and Julie Roberts are also supporting the services available through Merchant Wealth Management. The AIM-listed financial service provider said the group is using a new business model to increase revenue and operating margins through revenue sharing partnerships that will function on a low-cost basis. The creation of Merchant Wealth Management follows two other new moves announced earlier this month - the creation of Merchant Legal to provide commercial legal services to clients, and the strengthening of MHG's corporate finance division. Both of those divisions will operate on a revenue-sharing basis. MHG chairman Martin Eberhardt said: "We see Merchant Wealth Management as another strong example of our new approach, seeking to maximise the cross-selling opportunities deriving from our corporate finance and broking activities. We look after corporate clients that are looking for a fund-raising or listing, and it is clear the directors might also be thinking of their own personal wealth issues." An existing client base for the services of Merchant Wealth Management may also stem from the activities of Merchant House Finance, which arranges leasing and asset finance for private jets, race horses and yachts.