Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Ashcourt's Polin: why we bought UKWM

Ashcourt's Polin: why we bought UKWM

Ashcourt Rowan’s purchase of corporate benefit and discretionary group UKWM will ‘significantly enhance’ its long-term push into pensions, says chief executive Jonathan Polin (pictured).

He added that there was some ‘small overlap’ between the two businesses, alongside significant synergies. He declined to comment on the potential for job losses.

‘Most of the overlap is in operating systems, IT structures, investment processes and obviously some senior executive roles – you can’t have two chief investment officers, for example.

‘The genesis of both companies has been in the acquisition of over-managed businesses, and [we] have similar propositions – the management of both companies believe the future will be about scale.’

Key to the appeal is the company’s regional network, with five offices across the north west of England and Scotland, where the company has previously not had exposure, he added.

The acquisition is expected to be earnings enhancing within the first year. Both companies use the Avaloq back office system, allowing for a fairly straightforward integration and cost savings.

Once completed, Ashcourt Rowan’s recurring income will rise to 70% of revenue. It will also take the company ‘significantly closer’ to its long term target of a 25% profit margin, he added.

‘We will have a fully-formed corporate solutions business, bringing together two pensions business and able to gain scale. We have seen a huge amount of auto-enrollment business [already].

‘We have got the workable scale on our platform to offer significant opportunities. You only have to look at the lack of competition in the current market.

‘And of course it is not just about the corporate pensions side, we have then got a platform to offer our financial advice to executives, and our ISA management.’  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter