Two-and-a-half months after agreeing to buy the entire share capital of Saracen Fund Managers, AssetCo confirmed on Friday that the deal was done.
It paid £2.75m ($3.85m, €3.2m).
AssetCo chief executive and deputy chairman Peter McKellar described the move as part of the firm’s “overall strategy of investing in, building and managing asset and wealth management businesses”.
“Saracen is a small fund management firm with great potential. Our aim is to grow the business through marketing its existing funds and, over time, broadening its product range to meet the evolving needs of investors.”
No legacy issues
He added that the Saracen deal, alongside the completion of the acquisition of a majority equity interest in Rize ETF on 27 July, “comes a little over three months since AssetCo’s new strategy was approved by shareholders”.
“There are numerous structural shifts taking place within the asset and wealth management industry, including demographics and the use of technology. These are presenting challenges and opportunities for incumbent firms.
“Without the constraints of a legal business, we believe we can capitalise on these shifts to generate significant value and to deliver successful outcomes for clients and shareholders.”
