Ashcourt Rowan PLC Completion of Generali Portfolio Acquisition (4436X)
13 1월 2014 - 4:00PM
UK Regulatory
TIDMARP
RNS Number : 4436X
Ashcourt Rowan PLC
13 January 2014
Ashcourt Rowan completes Generali Portfolio Management (UK)
Limited acquisition
-- Ashcourt Rowan completes acquisition of assets of Generali Portfolio Management (UK) Limited
-- Deal to add up to c.GBP215 million in AUM and c.GBP2 million annual revenue
-- Group's discretionary and managed AUM to reach over GBP2.1
billion following this deal and the recent acquisition of UKWM
(subject to completion)
-- Team of seven to join Ashcourt Rowan
13 January 2014: Further to the announcement dated 7 August
2013, Ashcourt Rowan is pleased to announce that it has completed
its acquisition of the assets of Generali Portfolio Management (UK)
Limited ("Generali Portfolio Management"). This acquisition adds
c.GBP215 million in discretionary assets under management ("AUM")
and c.GBP2 million of predominantly recurring annual revenues.
A team of seven employees, led by senior investment managers
Alan Arscott and David Barber, will join Ashcourt Rowan. Combined
with the acquisition of UKWM, as announced in December last year
(subject to completion) the deal will see the group's discretionary
and managed AUM rise to over GBP2.1 billion out of a total pro
forma AUM/I (including assets under influence) of GBP5.2
billion.
Generali Portfolio Management chief executive officer Alan
Arscott said: "The cultural fit is always one of the most important
aspects of this kind of deal, and in Ashcourt Rowan we have found a
like-minded business that truly puts clients first. Their
philosophy and the value they place on client relationships give me
the confidence that we have found the right home for our
clients."
Jonathan Polin, Ashcourt Rowan's group chief executive officer,
said: "I am delighted that we have reached completion on the asset
transfer of clients from Generali with GBP215 million and over 95%
of clients transferring to the Group. This ability to attract high
quality individuals to the Group, along with our announcement of
the acquisition of UK Wealth Management prior to Christmas, is a
proof statement of the Group's robust acquisition-led growth
strategy."
The initial consideration payable to Generali Portfolio
Management will be GBP1.1 million in cash, with up to GBP1.0
million of additional deferred consideration payable in stages over
the 24 months after completion. Any deferred consideration payable
will be dependent on the level of total AUM relating to the
transferred business in the 24 months after completion.
- 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 250 staff in 12 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
Laura Conaghan/ Daniel Yea Katy Moore, marketing manager
Tel: 020 7379 5151 - communications
Email: ashcourtrowan@maitland.co.uk Tel: 020 7871 7252
Email: katymoore@ashcourtrowan.com
Peel Hunt (Nominated Adviser
and Broker) Emily Morris, group head of
Guy Wiehahn / Harry Florry marketing
Tel: 020 7418 8900 Tel: 020 7871 7250
Email: emilymorris@ashcourtrowan.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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