Fri, 13/12/2013 - 14:03
UK wealth management group Ashcourt Rowan is to acquire UK Wealth Management Limited (UKWM) from Duke Street for up to GBP14.25m in cash, alongside an associated placing of shares.
The acquisition, which is subject to regulatory approval from the FCA, will create a UK wealth manager with a national footprint offering high quality financial advice and investment solutions to individuals and corporates through its network of 17 offices.
Cantor Fitzgerald Europe is acting as sole financial adviser to the company in relation to the acquisition. Cantor Fitzgerald Europe and Peel Hunt are acting as joint placing agents in relation to the placing.
Jonathan Polin, group chief executive of Ashcourt Rowan, says: "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.
"The deal will enhance the service we provide to our clients and increase the depth of resources we have to offer, with 77 financial planning and corporate advisers across the enlarged business. In turn, the additional financial planning resource will support Ashcourt Rowan's long-term organic growth strategy. Our stated aim has been to have a separate division for corporate solutions to support the work we are currently undertaking in auto-enrolment. In acquiring UKWM we extend our group with specialist individuals who have the expertise tools and resources to concentrate on the delivery of solutions to the corporate SME market.”
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