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 Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter