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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 £2.8 million, to be satisfied by the issue of 54,639 new shares and £1.9 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 £50 million in aggregate in AuM.
In light of this, AssetCo and Revera have revised the cost of the acquisition to £1.1 million, payable entirely in cash.
AssetCo recently completed the £99 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.
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