Ashcourt Rowan PLC Generali Portfolio Management team acquisition

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Ashcourt Rowan PLC

07 August 2013

Generali Portfolio Management team to join Ashcourt Rowan

-- Ashcourt Rowan conditionally agrees to acquire assets of Generali Portfolio Management (UK) Limited

   --    Deal expected to add up to c.GBP200 million in AUM and c.GBP1.9 million annual revenue 
   --    Team of seven to join Ashcourt Rowan on completion

7 August 2013: Ashcourt Rowan plc has agreed to the conditional purchase by its subsidiary, Ashcourt Rowan Asset Management Limited ("Ashcourt Rowan"), of the assets of Generali Portfolio Management (UK) Limited ("Generali Portfolio Management"). It is intended that the team of seven employees, led by investment directors Alan Arscott and David Barber, will join Ashcourt Rowan when the transaction completes, which is expected to be around the end of the year. This follows the decision by Generali Worldwide Insurance Company Limited ("Generali") to scale back its private client investment portfolio management in London and focus on its international clients serviced from its operations in Guernsey.

"Ashcourt Rowan is the ideal home, being a firm believer in the value of strong client relationship management backed by high quality excellence in its investment research capabilities and operational infrastructure. We are confident that we have found the right home for our clients," commented Generali Portfolio Management chief executive officer Alan Arscott.

Jonathan Polin, Ashcourt Rowan's group chief executive officer, said: "We are pleased to welcome Alan and David, their clients and their colleagues in a move that will benefit everyone. We aim to be attractive for investment managers and financial planners seeking a supportive and forward-looking home for their clients and their business."

Generali Portfolio Management manages around GBP200 million in discretionary private client portfolios (excluding certain assets managed on behalf of Generali) and generates annual revenue of around GBP1.9 million. The initial consideration payable to Generali Portfolio Management will be up to GBP1.1 million in cash with up to GBP1.0 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 EPS enhancing in the first full year.

ENDS

About Ashcourt Rowan plc

Ashcourt Rowan plc is a premier provider of integrated financial planning and investment management services in the UK, delivering holistic financial advice and investment solutions to meet the wealth management and pension needs of private clients, charities and corporates. Ashcourt Rowan plc is quoted on the Alternative Investment Market and has around GBP3.7 billion in assets under management and influence, and 260 staff in 13 offices nationwide.

The company seeks to:

   --    provide high-quality advice and delivers tailored plans; 
   --    understand clients' financial priorities and put clients' interests first; 
   --    re-invigorate trust in financial services; 
   --    continuously invest in a strong central investment process; and 
   --    attract the highest quality staff in the industry.

www.ashcourtrowan.com

For further information please contact:

 
 Maitland                               Ashcourt Rowan 
  Andrea Coleman/ Daniel Yea             Emily Morris, group head of marketing 
  Tel: 020 7379 5151                     Tel: 020 7871 7250 
  Email: ashcourtrowan@maitland.co.uk    Email: emilymorris@ashcourtrowan.com

This information is provided by RNS

The company news service from the London Stock Exchange

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