Ashcourt Rowan, a UK based wealth management group, has acquired UK Wealth Management (UKWM) for £14.25 million.
Subject to approval from the FCA, Ashcourt will collaborate with Duke Street GP Limited, to expand the wealth management firm across the UK with seventeen locations. This is their second M&A deal this year after the purchase of Generali Portfolio Management (UK) Limited in August.
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UKWM has assets under management worth £1.3 billion, as of October of this year, with annualised revenues of £8.8 million. Of that amount, £6.6 million is recurring.
The deal is announced the same day as Ashcourt’s interim results for the first half of the year, which showed losses of £2.5 million during the period, attributed to ongoing restructuring costs. Their assets under management remained stable at £3.7 billion.
Jonathan Polin, Group CEO of Ashcourt Rowan, said: "This is a transformative deal for Ashcourt Rowan and an important step on our journey to become a leading UK wealth manager."
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