Litigation settlement drives AssetCo's M&A strategy

Chaired by Martin Gilbert

AssetCo is hunting for more acquisitions to bolster its asset and wealth management strategy after collecting more than £30m from the conclusion of the Grant Thornton litigation.

In October 2020, Grant Thornton informed AssetCo that it would not appeal to the Supreme Court in relation to being held liable for negligence for not exposing a fraud at AssetCo. This crystalised the £30.5 million award from the Court of Appeal ruling in January 2019. According to the company's six-month income statement to the end of March 2021, the company has already acquired a 29.8% stake in an investor group consisting of funds managed by Toscafund Asset Management, and five million shares in River and Mercantile Group. In May, AssetCo also announced it had made a conditional ac...