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SJP buy out of Rowan Dartington is FCA approved

SJP buy out of Rowan Dartington is FCA approved

The FCA has approved St James’s Place £34.2m takeover of Rowan Dartington.

The deal, which adds more than £1.1bn of funds under management to SJP’s books, was announced last year but has now been given regulatory approval.

Graham Coxell, executive chairman of Rowan Dartington, said: “It is a very exciting time for us.

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“As a successful wealth manager, we have always had ambitious plans for business growth – both in terms of recruitment and branch expansion.

“This deal will further enable us to broaden our operation whilst remaining committed to supporting the UK financial adviser market over the long term. It’s a win-win situation, and we look forward to a bright future.”

Rowan Dartington employs around 100 people, including 31 investment executives across 10 regional offices, with funds under management in excess of £1.1bn.

Prior to the acquisition, SJP entered into a new £250m “revolving credit facility”, repayable over five years with a variable interest rate, with a group of UK banks.

It initially drew £125m under the facility to refinance existing bank facilities and to pay for the acquisition of Rowan Dartington.

David Bellamy, chief executive of St James’s Place, said: “Alongside the evolution of our investment management approach, the acquisition of Rowan Dartington Holdings Limited broadens our range of supplementary investment services to include advisory portfolio management, direct equity, trust and charity portfolio management.

“We plan to make these enhanced services available to our existing clients later in the spring, whilst enabling our partners and advisers to access new clients who value such services.”