Ashcourt Rowan has completed the acquisition of Generali Portfolio Management (UK), a deal which gives the group an additional £215m in discretionary assets under management.
The acquisition, first announced last August, has completed with over 95% of clients transferring from Generali, according to Ashcourt Rowan CEO Jonathan Polin (pictured).
A team of seven employees, led by investment managers Alan Arscott and David Barber, will join the group as part of the deal.
"This ability to attract high quality individuals to the group, along with our announcement of the acquisition of UK Wealth Management prior to Christmas, is a proof statement of the group's robust acquisition-led growth strategy," said Polin.
Ashcourt Rowan now has over £2.1bn in discretionary and managed AUM. The deal will also add around £2m of predominantly recurring annual revenues.
An initial consideration of £1.1m will be paid to Generali PM, with up to £1m of additional deferred compensation payable in stages over the 24 months after completion, depending on future AUM levels.
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