Gilbert's next move
AssetCo to unveil £25 million cash call for Rize deal
Martin Gilbert: raising funds (pic: Terry Murden)
Scottish fund manager Martin Gilbert is expected to fund his next deal from a £25 million issue of new shares in his acquisition vehicle AssetCo.
The former co-CEO at Standard Life Aberdeen is expected to announce plans to taps shareholders for the funds to buy a company in the fast-growing exchange-traded funds (ETFs) sector.
Sky News reports that the company, chaired by the former Sky board director, will will use some of the proceeds to acquire a majority stake in Rize, which bills itself as Europe’s first thematic issuer of ETFs.
It is thought details of the cash call were being finalised on Tuesday evening ahead of an announcement to the stock exchange on Wednesday morning.
The deal will be the third announced by AssetCo since Mr Gilbert and a number of former colleagues from Standard Life Aberdeen took control of the London-listed business.
In May, it bought Saracen Fund Managers, an Edinburgh-based boutique, followed this month by the purchase of a minority stake in Parmenion, an asset management platform which until recently was owned by Mr Gilbert’s former employer.mafr