Ashcourt Rowan PLC Generali Portfolio Management team acquisition
07 August 2013 - 4:00PM
RNS Non-Regulatory
TIDMARP
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
END
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