Ashcourt Rowan AM to buy Generali Portfolio Management

Ashcourt Rowan Asset Management is to buy the assets of Generali Portfolio Management (UK) and take on its team of seven employees.

The initial consideration payable to Generali Portfolio Management will be up to £1.1m in cash with up to £1m additional deferred consideration payable in stages over the two years after completion. Both initial and deferred consideration amounts are dependent on the total assets under management on and after completion. Generali Portfolio Management manages about £200m in discretionary private client portfolios (excluding certain assets managed on behalf of Generali) and generates annual revenue of £1.9m.  Ashcourt Rowan said Generali's investment directors Alan Arscott and David Bar...