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UBS takes big stake in Ashcourt Rowan
by David Campbell on Dec 20, 2013 at 07:27
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.
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