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Ashcourt Rowan to acquire Generali Portfolio Management in £2.1m deal
by James Phillipps on Aug 07, 2013 at 07:39
Ashcourt Rowan is to acquire Generali Portfolio Management (UK) in a deal that is worth up to £2.1 million.
The acquisition is expected to add up to £200 million in assets and £1.9 million in annual revenue. Ashcourt Rowan’s asset management subsidiary will pay Generali £1.1 million in cash upfront with a deferred consideration of up to £1 million payable over the next 24 months, dependent on asset retention.
The move follows Generali’s decision to scale back its London-based private client business after Ashcourt Rowan hired the division’s founding chief executive David Palmer back in January.
Generali is to focus on its Guernsey operations, while Palmer will co-lead a team of seven that are expected to move over following the deal alongside Generali Portfolio Management (UK)’s current chief executive Alan Arscott.
Arscott said: ‘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.’
Ashcourt Rowan group chief executive Jonathan Polin (pictured) said: ‘We aim to be attractive for investment managers and financial planners seeking a supportive and forward-looking home for their clients and their business.’
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