Through the deal, Ashcourt Rowan will receive GBP425,000 while Walker Crips has agreed to reimburse third party costs associated with the transaction up to a maximum of GBP120,000.
Currently, Ashcourt Rowan has waived and released the six managers from notice and restrictive covenants and has also agreed to facilitate the early move of all clients wanting to follow the mangers.
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It was in the year 2011 that Ashcourt Rowan had announced its decision to merge Savoy Investment Management into Rowan Asset Management, whilst retaining its branding, in order to become a high net-worth division for clients.
Ashcourt Rowan group chief executive Jonathan Polin remarked, "The Walker Crips stockbroking model is better suited to the way these managers manage portfolios and their relationship with clients, which is different to our new integrated wealth management business, investment process and operating model."
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