AssetCo takes £9.2m loss as acquisition and reorganisation costs bite

Administrative expenses of £26.5m

AssetCo took a £9.2m loss during the 2022 financial year driven by acquisition and reorganisation costs, as well as volatile markets, despite the rapid growth of its assets under management.

According to the firm's annual results for the year to September 2022, the group added £2.1bn in active equities AUM during the reported period. Including received as part of the acquisition of SVM Asset Management, AUM stood at £3.1bn. Revenues grew to £12.9m, compared to £2.5m in 2021. Although the group reported a £14.7m profit during the same period last year, it was mainly due to the Grant Thornton litigation, which contributed net income of £22.4m on a one-off basis. CEO Campbell Fleming said the loss for the year was in part driven by a combination of acquisition costs and reor...