Ashcourt Rowan acquires IFA arm of Co-op

Ashcourt Rowan Financial Planning, part of the Syndicate Asset Management group, has agreed to acquire the IFA business and assets of Co-operative Bank Independent Financial Advisers.

Co-operative Bank Independent Financial Advisers (CIFA), which has been established for more than 20 years, has 52 fee generating IFAs and additional associated sales managers and support staff. CIFA has approximately 55,000 customers with funds invested of approximately £1bn. The acquisition will bring Ashcourt Rowan's funds under management and influence to in excess of £3.3bn and FUM within Syndicate's wealth management division to more than £4.3bn. Under the terms of the deal, Ashcourt Rowan will pay The Co-operative Bank a nominal undisclosed sum for the IFA business and cert...