Asset manager AssetCo has reached an agreement to acquire Revera Asset Management for £2.8 million.
AssetCo will acquire the entire issued share capital of Revera Asset Management for a consideration of £2.8 million, through the issue of 54,639 new ordinary shares at 10p each in the company, fully paid and £1.9 million in cash, in each case to be paid on completion.
Edinburgh-based fund management firm Revera, which was founded in 2003, has two funds – the S&W Revera UK Dynamic fund, which has approximately £108 million in assets under management (AUM), and the Skye Trust with £10 million in AUM – both of which operate on the Smith & Williamson Fund Administration platform.
Upon completion of the acquisition, Revera will work alongside Saracen Fund Managers, which is another Edinburgh-based asset manager acquired by AssetCo in July 2021.
The acquisition is subject to approval by the Financial Conduct Authority and is expected to occur by the end of May 2022.
Campbell Fleming, CEO of AssetCo, said: “Revera is home to a couple of highly regarded and experienced fund managers in Glen Nimmo and Stephen Grant. The deal demonstrates the appeal of AssetCo’s mission and business model. The acquisition of Revera is the next step in our plan to establish an active equity platform as part of our overall strategy to build an asset and wealth management business that delivers for investors in the 21st century.
“Our active equity platform will offer a range of products and investment styles to cater for clients’ evolving needs.”
AssetCo’s deputy chairman Peter McKellar and Gary Collins, head of distribution, will join the board of Revera.
Nimmo, who is CEO of Revera, added: “The entire Revera team is excited to be joining the AssetCo stable. We have been impressed by its dynamism since the launch of its strategy and believe that the next phase of our development will be accelerated by leveraging its distribution capabilities and working alongside like-minded teams in the Edinburgh operation.”
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