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

ACQQKBDNPBKDKDD

Ashcourt (LSE:ARP)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Ashcourt Charts.
Ashcourt (LSE:ARP)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Ashcourt Charts.