UKWM deal boosts Ashcourt Rowan's AUM and revenues

Ashcourt Rowan has seen a strong six-month period to end of September as its acquisition of UK Wealth Management in April helped boost revenues and assets under management.

The firm saw a 32.5% increase in AUM since March to stand at £5.3bn, while its earnings before interest, taxes, depreciation, and amortisation (EBITDA) profitability more than doubled to £1.9m. The group said its integration of UK Wealth Management is progressing smoothly, and it expects to exceed its £2.25m target on a full year run-rate basis, while transaction and integration costs remain within the budget of £2m. The M&A deal helped the group increase discretionary assets by £364m and boosted revenues to £19.9m, while recurring revenues also remain strong, accounting for 77% of th...