(Alliance News) - AssetCo PLC on Friday said that its acquisition of Revera Asset Management Ltd has received approval from the Financial Conduct Authority.
AssetCo is a London-based advisory and asset management firm.
Back in March, AssetCo said it had reached a deal to acquire Revera for GBP2.8 million, to be satisfied by the issue of 54,639 new shares and GBP1.9 million in cash.
Since then, Revera notified AssetCo that there will be a decline in its assets under management resulting from "a change in a client's circumstances outside its control." Following these changes, it is expected that Revera's two funds, SVS Revera UK Dynamic Fund and the Skye Trust, will have around GBP50 million in aggregate in AuM.
In light of this, AssetCo and Revera have revised the cost of the acquisition to GBP1.1 million, payable entirely in cash.
AssetCo recently completed the GBP99 million acquisition of River & Mercantile Group PLC and reached an agreement to buy Edinburgh-based SVM Asset Management Holdings Ltd.
Chief Executive Officer Campbell Fleming said: "The acquisition of Revera is part of our plan to establish an active equity platform offering a range of investment styles and strategies alongside our recently acquired River & Mercantile capabilities to cater for investors' evolving needs.
"We are confident that the addition of Revera further strengthens our presence in Scotland," Fleming added.
Shares in AssetCo were down 3.9% to 721.00 pence each in London on Friday around midday.
By Sophie Rose; sophierose@alliancenews.com
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Assetco (ASTO)