Martin Gilbert's AssetCo to acquire 63% stake in Rize ETF for £16.5m

Further £5.25m committed to fund growth

Martin Gilbert’s AssetCo has struck a deal to acquire a 63% stake in Rize ETF for £16.5m, with a further £5.25m to be invested in the thematic ETF provider to fund growth.

AssetCo plans to raise approximately £25m of new equity from investors to fund the acquisition. Following the deal, management and employees will own an effective 37% equity interest in Rize ETF, of which 5% is subject to certain near-term performance conditions, the company said in a statement. Martin Gilbert, chairman; Peter McKellar, deputy chairman and chief executive officer; and Mark Butcher, non-executive director; as well as Harwood Capital Management and Toscafund Asset Management, which are substantial shareholders of AssetCo, intend to participate in the placing. Martin Gil...