Deals in pipeline
Gilbert’s AssetCo builds war chest for acquisitions
Martin Gilbert: ‘attractive opportunities exist’ (pic: Terry Murden)
Fund manager Martin Gilbert’s investment vehicle AssetCo is preparing to unleash a £30m-plus spending spree on the wealth and fund management market.
The former Standard Life Aberdeen co-CEO and founder of Aberdeen Asset Management is targeting a number of companies for acquisition.
The company has benefited from the successful conclusion of a Grant Thornton litigation and the receipt of the remaining litigation award and costs. This resulted in AssetCo having accumulated cash balances of approximately £57.8m.
This formed the basis for returning £26.9m to shareholders, by way of a tender offer, and for the balance of £30.9m to provide the initial resources for the company’s new asset and wealth management strategy.
In an interim update, Mr Gilbert, chairman, said: ‘Following the change in the company’s strategy to ‘acquiring, managing and operating asset and wealth management activities and interests, together with other related services’, the management team has been examining a number of organic and inorganic proposals and is at various stages of discussion and negotiation.”