Ashcourt Rowan has completed the acquisition of Generali Portfolio Management (UK) in a deal worth up to £2.1 million.
The deal will add £215 million in discretionary assets under management and an additional of £2 million of predominantly recurring annual revenues.
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As part of the transaction, the Generali team of seven employees, headed by senior investment managers Alan Arscott and David Barber, will join Ashcourt Rowan.
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.
The deal along with the acquisition of UKWM in December 2013, will increase the Ashcourt Rowan’s discretionary and managed AUM rise to over £2.1 billion out of a total pro forma AUM of £5.2 billion.
Alan Arscott chief executive officer Generali Portfolio Management 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."
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By GlobalDataJonathan Polin, CEO of Ashcourt Rowan, 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.
