Edinburgh funds firm Revera latest multi-million deal for Martin Gilbert's AssetCo

An investment vehicle chaired by Scottish financial services veteran Martin Gilbert has made a further acquisition of an Edinburgh fund management business.

AssetCo said it had reached agreement to acquire the entire issued share capital of Revera Asset Management for £2.8 million.

Founded in 2003. Revera has two funds, operating on the Smith & Williamson fund administration platform - S&W Revera UK Dynamic Fund, which has some £108m of assets under management (AuM), and the Skye Trust, with about £10m of AuM.

The firm operates from an office in the city’s Rutland Square and has four full time and one part time employees.

Campbell Fleming, chief executive of AssetCo: 'The deal demonstrates the appeal of AssetCo’s mission and business model.'

Following completion of the deal, Revera will work alongside Saracen Fund Managers, the Edinburgh-based asset manager acquired by AssetCo last year.

Peter McKellar and Gary Collins, deputy chairman and head of distribution respectively of AssetCo, will join the board of Revera on completion of the acquisition.

The board of AssetCo pointed to “significant opportunities to enhance the distribution and appeal” of Revera’s principal fund and to widen the funds offered by Revera and Saracen to include other areas.

Campbell Fleming, chief executive of AssetCo, said: “Revera is home to a couple of highly regarded and experienced fund managers in Glen Nimmo and Stephen Grant. The deal demonstrates the appeal of AssetCo’s mission and business model.

“The acquisition of Revera is the next step in our plan to establish an active equity platform as part of our overall strategy to build an asset and wealth management business that delivers for investors in the 21st century.”

He added: “The acquisition also demonstrates our commitment to a presence in Scotland, where there is a genuine breadth and depth of talent. We expect Edinburgh to be home to a sizeable and growing proportion of AssetCo's investment capabilities, adding new teams and businesses as opportunities arise.”

Nimmo, Revera’s chief executive, said: “The entire Revera team is excited to be joining the AssetCo stable. We have been impressed by its dynamism since the launch of its strategy, and believe that the next phase of our development will be accelerated by leveraging its distribution capabilities and working alongside like-minded teams in the Edinburgh operation.

“We are particularly keen to start working alongside our friends of many years, Saracen.

“Most importantly, however, we believe that our clients will benefit as we retain our commitment and focus on our investment offering, within an organisation with greater operational capabilities.”

AssetCo unveiled the acquisition of Saracen last spring in a £2.75m cash and shares deal.

That deal followed a wave of consolidation in the sector, including the acquisitions of Caledonia Asset Management, Adam & Co and Cornerstone Asset Management.

Last year, AssetCo said it was poised to announce further wealth management deals as it scales up its business.

Gilbert said: “The financial services sector is facing numerous challenges, but the importance of the industry in enabling clients and customers to achieve their financial goals is even greater.”

Gilbert was a co-founder and then chief executive of Aberdeen Asset Management, which eventually merged with Standard Life in 2017.

Read More

Read More
Edinburgh funds firm Saracen acquired by Martin Gilbert's AssetCo in seven-figur...

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions

 0 comments

Want to join the conversation? Please or to comment on this article.