M and A

UK's Ashcourt Rowan Completes Acquisition

Stephen Little, Reporter, London, 14 January 2014

articleimage

UK wealth manager Ashcourt Rowan has acquired of Generali Portfolio Management in a deal which will give the group up to £215 million in assets under management.

UK wealth manager Ashcourt Rowan has acquired  Generali Portfolio Management in a deal which will give the group up to £215 million ($353.8 million) in assets under management.

As part of the deal, a team of seven will join Ashcourt Rowan, led by senior investment managers Alan Arscott and David Barber, Ashcourt Rowan said in a statement.

The acquisition, which was first announced in August, will see over 95 per cent of clients transfer to the group, said Jonathan Polin, Ashcourt Rowan’s group chief executive officer.

An initial consideration payable of £1.1 million in cash will be made, with up to £1 million of additional deferred consideration payable in stages over the 24 months after completion.

The deal takes Ashcourt Rowan's discretionary and managed assets under management to £2.1 billion and adds around £2 million of predominantly recurring annual revenues.

Last month, Ashcourt Rowan secured a deal to buy UK Wealth Management and announced profits of £900,000 for the six months ended 30 September 2013.

The group also recorded total assets under management at £3.7 billion, of which £1.6 billion are discretionary or managed assets.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes