Charles Stanley is set to buy John Redwood’s Evercore Pan Asset Capital Management for an undisclosed cash sum.
The wealth manager announced today it had agreed to buy Pan Asset, subject to approval from the FCA for an initial fee followed by additional payments depending on Pan Asset’s subsequent performance.
At the end of October, Evercore Pan Asset, which was founded by MP for Wokingham Mr Redwood and Christopher Aldous in 2007, had £593m in total assets across directly managed client portfolios, model portfolios on wrap platforms and two multi-asset open-ended funds.
Mike Lilwall, director of Charles Stanley, said the firm had bought Pan Asset to utilise its expertise in passive investments and to broaden its presence in the financial adviser marketplace.
Charles Stanley said Pan Asset had been operating at break even but expected that through using Charles Stanley’s sales and distribution network and introducing cost saving measures it expected Pan Asset to immediately become profitable.
Earlier today, Charles Stanley had released its half-year results, showing that its assets under management, revenues and profits had all increased in the past six months, driven by growth in its discretionary management and execution-only services.
