Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a725181

UBS takes big stake in Ashcourt Rowan

by David Campbell on Dec 20, 2013 at 07:27

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 here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Ashcourt Rowan PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet