Ashcourt Rowan buys UK Wealth Management for £14m

Ashcourt Rowan has announced a £14.25m deal to acquire Yorkshire-based UK Wealth Management (UKWM), its second deal in four months.

The AIM-listed group is set to add £1.3bn in assets following the acquisition, which is subject to approval by the FCA. This will result in total group assets of roughly £5bn.

It follows Ashcourt’s deal in August to buy Generali Portfolio Management for roughly £2m.

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Chief executive Jonathan Polin said the acquisition would allow Ashcourt Rowan to establish a separate corporate division to tap into the auto-enrolment advice market, as well as expanding the group’s presence into the north of England and Scotland.

Jonathan Polin, Group chief executive 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.

“UKWM’s business is complementary in terms of culture, outlook, client base and office footprint, adding locations in the North of England where Ashcourt Rowan was previously under-represented.”

In addition Ashcourt said it was seeking to fund the UKWM deal by listing £15.3m of additional shares on the stockmarket.