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.
Ashcourt Rowan has agreed a deal to acquire high net worth investment IFA UK Wealth Management (UKWM), funding the purchase through a share placing.
The advice industry is paralysed by a fear of doing wrong, which has led to a "commoditisation of investment solutions", Ashcourt Rowan chief executive Jonathan Polin has said.
Mattioli Woods, the pension consultant and wealth manager, has reported increased pre-tax profits of £5.56m, up 9.9%, for the year ended 31 May.
Ashcourt Rowan Asset Management is to buy the assets of Generali Portfolio Management (UK) for £2.1m and take on its team of seven employees.
Wealth manager Ashcourt Rowan posted a loss of £2.5m in the 12 months to April as the group continues its transformation into a holistic financial planning business.
Ashcourt Rowan is to outsource its portfolio, settlement and custody services to TD Wealth Institutional.
Ashcourt Rowan will consider ‘gap fill' acquisitions of small fund businesses as it targets a new phase of growth, according to CEO Jonathan Polin.