Agreed Departure of Certain Savoy Inv. Managers (7091E)

TIDMARP TIDMWCW

RNS Number : 7091E

Ashcourt Rowan PLC

06 June 2012

6 June 2012

ASHCOURT ROWAN PLC

("Ashcourt Rowan" or the "Company")

Agreed Departure of Certain Savoy Investment Managers

The Directors of Ashcourt Rowan plc (AIM: ARP), the UK wealth management group, are pleased to announce that the Company and Walker Crips Group plc ("Walker Crips") have reached an agreement in order to facilitate the move of six investment managers from its Savoy Investment Management business to Walker Crips.

As a result of this agreement, these investment managers will leave Ashcourt Rowan and join Walker Crips free from notice and restrictions, later this month. Under the terms of the agreement, the Company has committed to facilitate the early move of the respective clients of these investment managers that wish to transfer to Walker Crips. In return, the Company will receive a cash consideration of GBP425,000. Walker Crips has also agreed to reimburse the Company's third party costs associated with this transaction up to a maximum of GBP120,000.

This agreement represents a further step in Ashcourt Rowan's business transformation process, allowing the Company to focus on the key growth areas that fit the Company's integrated financial planning and wealth management model.

Jonathan Polin, Group Chief Executive Officer, commented:

"As we continue to re-model the Ashcourt Rowan business I am delighted that we have come to an agreement with Walker Crips over the process by which a number of Savoy's investment managers join them. The Walker Crips stockbroking model is better suited to the way these managers manage portfolios and their relationship with clients, which is different to our new integrated wealth management business, investment process and operating model. The loss of AuM, revenues and contribution resulting from this transaction is in line with management's expectations at the time of the share placing undertaken in the fourth quarter of 2011."

For further information please contact:

 
 Jonathan Polin, CEO                 Ashcourt Rowan plc 
  jonathanpolin@ashcourtrowan.com     www.ashcourtrowan.com        +44 (0) 20 7871 7373 
 Gordon Neilly                                                     +44 (0) 20 7050 6778 
  gneilly@canaccordgenuity.com 
 
  Sue Inglis                                                       +44 (0) 20 7050 6779 
  singlis@canaccordgenuity.com 
  Rishi Zaveri                       Canaccord Genuity Limited 
  rzaveri@canaccordgenuity.com        www.canaccordgenuity.com     +44 (0) 20 7050 6780

Media enquiries:

 
                     MRM 
 Andrew Appleyard     www.mrm-london.com    +44 (0) 20 3326 9908

Notes to the editors:

Ashcourt Rowan is an AIM-listed wealth management business that specialises in financial planning and investment management for individuals and organisations. Headquartered in London the business has over GBP4bn of client assets under management and advice and in excess of 65,000 individual clients, which it services through a team of over 100 financial advisers and investment managers located in 18 offices spread across the UK. Further information on Ashcourt Rowan can be found at www.ashcourtrowan.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDFLFBLQFBBBZ

Ashcourt (LSE:ARP)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024