Ashcourt Rowan sells pensions arm to Mattioli Woods in £1.3m deal

Wealth manager Mattioli Woods has acquired the pension administration business of Ashcourt Rowan in a deal which could be worth more than £1.3m.

The acquisition, by City Pensions, a subsidiary of Mattioli Woods, comprises an initial consideration of £700,000 plus deferred payment of up to £625,000, subject to certain revenue and client retention targets being met in the next five years. It includes the trade plus certain assets of Ashcourt Rowan Administration, 100% of the share capital of Ashcourt Rowan Pension Trustees and 100% of the share capital of Robinson Gear (Management Services) from Ashcourt Rowan Holdings. Taken together, the three business units, which were acquired by Ashcourt Rowan in 2006, provide trustee and a...