AssetCo buys Edinburgh-based Revera for £2.8m in Martin Gilbert’s latest step to build an asset management powerhouse
- The move is part of its aim to create a new wealth and asset management firm
- It follows acquisitions of another four investment businesses over the past year
- Revera has two funds operating on the Smith & Williamson platform
Martin Gilbert’s AssetCo has struck a deal to buy Edinburgh-based asset manager Revera for £2.8million.
The move is the latest part of AssetCo’s strategy to create the next major UK player in wealth and asset management.
It follows the acquisition of equity stakes in four businesses over the past year, namely Rise ETF, Parmenion, Saracen Fund Managers and River and Mercantile.
Acquisition: Martin Gilbert’s AssetCo has agreed to buy fund management firm Revera
Revera, an independent fund management business founded in 2003, has two funds, operating on the Smith & Williamson Fund Administration platform.
S&W Revera UK Dynamic fund has approximately £108million of assets under management, while the Skye Trust manages funds worth around £10million.
AssetCo chief executive Campbell Fleming said the deal was the next step in the fund manager’s mission 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’.
‘Revera is home to a couple of highly regarded and experienced fund managers in Glen Nimmo and Stephen Grant,’ he said.
‘The acquisition also demonstrates our commitment to a presence in Scotland, where there is a genuine breadth and depth of talent.
‘We expect Edinburgh to be home to a sizeable and growing proportion of AssetCo’s investment capabilities, adding new teams and businesses as opportunities arise.’
Revera will work alongside fellow Scottish asset management firm Saracen, which AssetCo bought in July last year.
The deal, which is still subject to the approval by the Financial Conduct Authority, is expected to be completed in May this year.
AssetCo saw its pre-tax annual profit quadruple over the past year, and the takeover vehicle has now grown to around £9.6billion of assets under management.
Pre-tax profit surged from £3.4million to £16.1million in the past year, in which time the group’s share price jumped from around £4 to around £15 today.