AssetCo has acquired Revera Asset Management in a deal worth £2.8 million. The acquisition is part of AssetCo’s plan to create “an active equity platform”.
Revera is an Edinburgh-based firm which operates two funds: the S&W Revera UK Dynamic Fund, which manages £108 million of assets on the Smith & Williamson fund platform, and the Syke Trust, which manages £10 million of assets.
AssetCo is headed up by Martin Gilbert, the former CEO of Aberdeen Standard Investments.
Chief executive of AssetCo, Campbell Fleming, commented: “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.”
Glen Nimmo, CEO and fund manager at Revera, said: “Most importantly, we believe that our clients will benefit as we retain our commitment and focus on our investment offering, within an organisation with greater operational capabilities,” he said.
The acquisition comes after AssetCo purchased River & Mercantile last month, and almost a year since the acquisition of another Edinburgh-based fund manager, Saracen.
The deal is subject to regulatory approval.
If you are looking to sell your business, find out how we can help you find the perfect buyer. Check out our online brochure for sellers here.