UK wealth management group Ashcourt Rowan has agreed to acquire the assets of Generali Portfolio Management in a deal worth up to £2.1 million ($3.2 million).
It follows the decision by Generali Worldwide Insurance to scale back its private client investment portfolio management in London and focus on its international clients serviced from its operations in Guernsey.
Generali Portfolio Management manages around £200 million in discretionary private client portfolios and generates annual revenue of around £1.9 million.
The initial consideration payable to Generali Portfolio Management will be up to £1.1 million in cash with up to £1 million additional deferred consideration, payable in stages over the 24 months after completion.
Both initial and deferred consideration amounts are dependent on the total assets under management on and after completion.
The transaction is expected to be completed around the end of the year.
The team of seven employees, led by investment directors Alan Arscott and David Barber, will join Aschourt Rowan.
In other recent news, in July, Ashcourt Rowan strengthened its presence in southwestern England with the launch of a new flagship office in Exeter.