Numis recommends Martin Gilbert's AssetCo as a 'buy'

Lucy Draper joins distribution team

Numis has placed a buy recommendation on AssetCo, of which Martin Gilbert is chair, describing the firm as a “considerable opportunity for value creation”.

According to AssetCo itself, it aims to "acquire, manage and operate asset and wealth management activities and interests, together with other related services", to which Numis added the firm is "effectively the investment vehicle of Martin Gilbert (chair) and Peter McKellar (deputy chair and CEO)". Gilbert joined the firm as chair in April 2021, following the purchase of a 9.9% stake costing £3m in January 2021. McKellar also purchased £1m at the same time, for a 3.4% stake. AssetCo completes acquisition of Saracen Despite being "at an early stage of its life and strategy", Numis ...