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.

UBS takes big stake in Ashcourt Rowan

UBS takes big stake in Ashcourt Rowan

UBS Investment Bank has taken a near-10% stake in wealth and pensions business Ashcourt Rowan.

The Swiss banking giant purchased 2.3 million shares in the company or 8.53% of shares worth £4.42 million at a share price of 192, slightly off from October’s year-high of 192p.

Ashcourt has been steadily re-rated over the last few years under chief executive Jonathan Polin (pictured), rising 72.97% since the end of 2011 versus an AIM return of 22.42%.

The news follows an announcement by Ashcourt that it had entered into an agreement to buy UKWM, a north west England-focused discretionary and pensions management group, for £14.25 million. 

'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,' said Polin.

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.

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 Rathbones' Smith on China's economic hegemony ambitions

Rathbones' Smith on China's economic hegemony ambitions

Discussing China's saving problem, Ed Smith argues that if the country opens up there will be an outflow of capital.

Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Read More
Wealth Manager on Twitter