Ashcourt Rowan has agreed to acquire assets of Generali Portfolio Management (UK) in a deal worth up to £2.1 million.
The deal follows the decision by Generali Worldwide Insurance Company to scale back its private client portfolio management in London and focus on international clients from its base in Guernsey.
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The deal is expected to add £200 million in assets under management and around £1.9 million in annual revenue.
The initial consideration payable to Generali Portfolio Management will be up to £1.1 million in cash with up to £1.0 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 Generali 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.
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By GlobalDataJonathan Polin, Ashcourt Rowan’s group CEO, said: "We aim to be attractive for investment managers and financial planners seeking a supportive and forward-looking home for their clients and their business."
Alan Arscott, CEO, Generali Portfolio Management, said: "We are confident we have found the right home for our clients."
