Ashcourt Rowan acquisition boosts assets by £200m

Ashcourt Rowan Asset Management has agreed to acquire the assets of Generali Portfolio Management (UK) Ltd in a deal valued at £2.1m, which is expected to add £200m in assets under management and around £1.9m in annual revenue.

The initial consideration payable to Generali Portfolio Management will be up to £1.1m in cash, with up to £1m additional deferred consideration payable in stages over the 24 months following completion.

Both initial and deferred consideration amounts are dependent on the total assets under management on and after completion, according to a statement from Ashcourt Rowan.

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The seven employees at Generali PM, led by investment directors Alan Arscott and David Barber, will join Ashcourt Rowan when the transaction completes, expected to be around the end of the year.

The sale follows the decision by Generali Worldwide Insurance Company Limited to scale back its private client investment portfolio management in London and focus on its international clients serviced from its operations in Guernsey.

Jonathan Polin, Ashcourt Rowan’s group chief executive, said: “We are pleased to welcome Alan and David, their clients and their colleagues in a move that will benefit everyone.

“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, Generali Portfolio Management chief executive, added: “Ashcourt Rowan is the ideal home, being a firm believer in the value of strong client relationship management backed by high quality excellence in its investment research capabilities and operational infrastructure.

“We are confident that we have found the right home for our clients.”