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View the article online at http://citywire.co.uk/wealth-manager/article/a724321

Ashcourt announces acquisition of UKWM

by David Campbell on Dec 13, 2013 at 07:11

Ashcourt announces acquisition of UKWM

Ashcourt Rowan has announced the acquisition of financial services and employee benefits group UKWM for up to £14.25 million, to be funded by a placing of new shares.  

The deal was announced alongside interim results for the first half, showing the company lost £2.5 million over the period as a result of its ongoing restructuring, up from £1.3 million in the same period of 2012. At 8.22, shares in the company were up 1.31% at 189p.

‘This is a transformative deal for Ashcourt Rowan and an important step on our journey to become a leading UK wealth manager,’ said Jonathon Polin (pictured), Aschourt group chief executive.

‘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 purchase, subject to FCA approval, will add five offices to the company and £1.3 billion in assets under management, £300 million of which is managed on a discretionary basis.

UKWM, currently owned by private equity business Duke Street, has annual revenue of £8.8 million, £6.6 million of which is recurring.

‘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,’ added Polin.

‘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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