Bedrock for growth
AssetCo sees SVM at core of ‘dynamic’ city hub
Martin Gilbert’s AssetCo, the asset and wealth management company, has completed its £11.2m acquisition of Colin McLean’s SVM Asset Management Holdings.
AssetCo said SVM is a key component of its plans to have a “strong and dynamic asset management hub” in Edinburgh.
Completion of the SVM acquisition, re-priced after the initial £10.7m deal announced on 21 June, brings assets managed by the AssetCo group of companies in the city to nearly £700 million.
AssetCo said the intention is that, over time, the majority of compliance, operational, distribution and marketing resources will be shared within the broader AssetCo group of companies.
“At the same time, the unique qualities and strengths for which SVM are well known will be preserved to form a bedrock of growth for the future,” it said.
Mr Gilbert, chair of AssetCo, commented: “The completion of the acquisition of SVM is part of AssetCo’s overall strategy of investing in, building and managing asset and wealth management businesses.
“We are proud to be building an asset management hub of investment excellence in Edinburgh and the completion of the SVM acquisition is integral to this. SVM is a very well regarded fund management firm with a strong heritage and investment track record.
“We are looking forward to building upon SVM’s many strengths as we continue to develop a listed equity business at AssetCo to meet the long-term financial needs of investors.”
Mr McLean, the founder of SVM commented: “Speaking for myself and the whole team at SVM we are immensely proud of what we have achieved over the past 32 years.
“We could not have done so without the unstinting support of our clients, many of whom have been with us since the early days.
“We look forward to working with AssetCo to build an expanded and dynamic equities platform to serve all of our clients and leverage opportunities for the future.”