Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter